Sensex Pares Gains, Asian Markets Weaken as Oil Output Talks Fail

Indian markets were subdued after weak cues from Asia and crude oil market.

The Sensex started on a cautious note with a negative bias. (Photo: Reuters)

The S&P BSE Sensex pared most gains after jumping over 200 points in early morning trade led by gains in Infosys, Adani Ports, Lupin, ITC and Bharti Airtel.

The market tracked weak cues from other Asian markets and crude oil markets. The breakdown in talks in the Doha oil producers meeting over an agreement to freeze oil output at January high also weighed on investor sentiment.

The 50-share Nifty traded around its crucial psychological level of 7,900 supported by gains in IT, FMCG, pharma and realty.

The broader market underperformed the benchmark with the BSE midcap and smallcap indices slipping 0.05 and 0.10 percent, respectively.

Oil Plunges as Doha Talks Fail

Oil fell sharply in early trading on Monday in Asia, at one point dropping nearly 6 percent to fall below $38 a barrel. Asian stock markets were mixed. Japanese shares were down nearly 3 percent in morning trading, but stocks across the rest of Asia saw more modest declines. Markets in Shanghai and Hong Kong opened around 1 percent lower.