 "Photo: Shutterstock")
The benchmark indices are trading in a narrow range with negative bias as investors remained sideways in the lack of any major domestic as well as global cues.
At 14:28 pm, the S&P BSE Sensex was trading at 26,444, down 46 points, while the broader Nifty50 was ruling at 8,126, down 14 points.
Broader market also cut losses to outperform the headline indices with BSE Midcap and Smallcap trading little changed.
Broader market also cut losses to outperform the headline indices with BSE Midcap and Smallcap trading little changed.
"Overall Nifty50 has been consolidating in a broader trading range of 8,055 to 8,275 zones from last fifteen trading sessions and recently the upside hurdle shifted to 8,230 mark. Now, it has to cross and hold above 8,230 to attract fresh buying interest towards 8,280 and 8,335 mark while on the downside supports are seen at 8,080 and 8,055," said brokerage Anand Rathi in a technical note.
Experts believe the market this week is likely to be rangebound as the holiday spirit is expected to keep the market muted on account of less volume on the FII counter.
Sectors and stocks
Sun Pharmaceutical Industries (down 1.25%), Hindustan Unilever (down 0.77%) and HDFC (down 0.79%) were among the major losers from the Sensex pack.
Sun Pharmaceutical Industries (down 1.25%), Hindustan Unilever (down 0.77%) and HDFC (down 0.79%) were among the major losers from the Sensex pack.
Axis Bank dropped over 1% after the bank announced that it has reviewed and decided to reduce the marginal cost of funds based lending rates (MCLR) of the bank by 10 basis points in the overnight tenor and by 15 basis points across all other tenors. The rates were effective from 17 December 2016.
Zee Learn gained over 2%, while Tree House Education tanked 20% after the former informed the exchanges that they have called off their proposed merger with latter after news broke about Treehouse shutting 113 branches due to fund crunch.
Zee Learn gained over 2%, while Tree House Education tanked 20% after the former informed the exchanges that they have called off their proposed merger with latter after news broke about Treehouse shutting 113 branches due to fund crunch.
Oil prices rise
Oil prices rose on in anticipation of tighter crude supply going into 2017 following the decision by OPEC and other producers to cut output to prop up prices.
Brent crude futures, the international benchmark for oil prices, were trading at $55.51 per barrel, up 30 cents, or 0.5%, from their last close.
US West Texas Intermediate (WTI) crude oil futures were up 38 cents, or 0.7%, at $52.28 a barrel.
Traders said the higher prices in front-month crude futures were due to expectations of a tighter market.
Global markets
Asian shares steadied in early trade on Monday after China agreed to return a U.S. drone it had seized, easing worries about rising diplomatic tensions between the world's two biggest economic powers.
MSCI's broadest index of Asia-Pacific shares outside Japan tacked on 0.1% after falling to its lowest level in three weeks on Friday. Japan's Nikkei dipped 0.2% from one-year high.
Financial markets briefly turned "risk-off" in late US trade on Friday following news that a Chinese Navy warship had seized a US underwater drone in international waters in the South China Sea.
The Dow Jones industrial average ended down 0.04% to 19,843.41 on Friday, while the S&P 500 lost 0.18% to 2,258.07.
The furore appears to have been defused for now after the two countries said on Saturday China will return the drone.
(With inputs from agencies)
