Sensex, Nifty marginally lower; Europe weak as oil prices fall

Equity benchmarks were marginally lower amid consolidation in afternoon trade with the Nifty struggling below the 8500 level, weighed down by FMCG, infra and HDFC group stocks. 

The 30-share BSE Sensex was down 49.03 points to 27697.63 and the 50-share NSE Nifty declined 13.85 points to 8494.85. The market breadth also turned lower as about 1486 shares declined against 1069 advancing shares on the Bombay Stock Exchange. 

European stocks traded lower as investors trod carefully amid a drop in oil prices and ongoing geopolitical tensions, despite US markets closing at all-time highs on Monday. France's CAC, Germany's DAX and Britain's FTSE were down 0.3-1 percent. 

Oil prices eased as concerns over a crude and refined fuel glut outweighed an expected cut in US shale production and a probable further draw in US crude inventories. Brent and US crude futures were down 0.4 percent each.

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