Sensex, Nifty rangebound; PNB up 3%, Brent crude firm at $49/bbl

Equity benchmarks remained flat with a positive bias due to lack of global and domestic cues. The Sensex advanced 51.56 points to 27218.43 and the Nifty gained 2.35 points at 8338.30.

The market breadth continued to be positive as about two shares advanced for every share declining on the Bombay Stock Exchange.

Punjab National Bank shares rallied more than 3 percent after its housing finance subsidiary filed IPO papers with the market regulator.

Asia markets were mixed, despite a stronger finish in the US that followed a rise in oil prices and the release of dovish Federal Reserve meeting minutes. Japan’s Nikkei and China’s Shanghai fell 0.3-0.6 percent while Hong Kong’s Hang Seng was up 0.8 percent.

Oil prices rose, supported by a report of another fall in US crude inventories as well as a weaker dollar, although a glut of refined products and economic growth concerns continue to weigh on markets. International Brent crude oil futures were trading at $49.09 per barrel, up 29 cents from their last settlement. US West Texas Intermediate (WTI) crude was up 35 cents at USD 47.78 a barrel.

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Sensex, Nifty rangebound; PNB up 3%, Brent crude firm at $49/bbl