Sensex, Nifty flat; aviation stocks fall despite ATF price cut

The market is in consolidation mode with the Nifty holding 8200. The 50-share index is down 3.40 points at 8221.10 and he Sensex is up 20.53 points at 26673.34.

About 1029 shares have advanced, 1148 shares declined, and 109 shares are unchanged.

GAIL, ONGC, Lupin, Cipla and Reliance are top gainers while Asain Paints, Tata Motors, ICICI Bank, Adani Ports and Bharti Airtel are losers in the Sensex. 

Aviation stocks like SpiceJet, Jet Airways and InterGlobe are down despite fuel price cut by around 3 percent.

Crude prices, the dollar and bond yields were sharply elevated early on Thursday after OPEC agreed to a deal to reduce output to clear a supply glut that has crunched oil prices and stoked global deflationary pressures.

The Organization of the Petroleum Exporting Countries on Wednesday agreed to its first output cut since 2008, with Saudi Arabia accepting “a big hit” on its production. Non-OPEC Russia will also join output reductions for the first time in 15 years to help OPEC prop up oil prices.

US crude oil soared more than 9 percent overnight to a one-month high just shy of USD 50.00 a barrel.

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