The market is still rangebound while Oil & Gas index is up over 1 percent. The Sensex is down 10.06 points at 28288.07 and the Nifty is down 6.80 points at 8581.85. About 1407 shares have advanced, 921 shares declined, and 139 shares are unchanged.
ONGC, Vedanta, M&M, Tata Motors and Reliance are top gainers in the Sensex. Among the losers are SBI, Bharti Airtel, Coal India, Bajaj Auto and ITC. Oil prices looked set to continue a multi-week decline in Asian trade on Friday on concerns over a global oversupply of crude and mixed prospects for energy demand.
Investors are looking ahead to additional supplies of oil coming into the market as part of last month's historic deal between six major powers and Iran over its nuclear programme. In exchange for curbing its nuclear activities, Tehran will see the lifting of sanctions, which have slashed its oil exports.
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