Sensex flat, Nifty holds 8700; TCS, Bharti, ONGC laggards

The market is flat with the Nifty holding 8700. The 50-share index is up up 17.25 points or 0.2 percent at 8714.85 while the Sensex is up 27.12 points or 0.1 percent at 28088.26.

Tata Steel, Asian Paints, Cipla, Maruti and ITC are gainers while HDFC, Bharti, ONGC, TCS and Adani Ports are losers in the Sensex.

Oil prices fell more than 1 percent in early trading on Monday over doubts that an OPEC-led plan to cut output to rein in a global fuel supply overhang would be supported by other producers, including Russia.

Traders said prices were also under pressure from a rise in the US rig count, which implied that American oil producers are willing to increase production again at price levels around USD 50 per barrel.

Despite the weaker prices on Monday, analysts said they expected slightly higher prices for the rest of the year and into 2017.

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