Sensex, Nifty marginally up, energy stocks drag

Mumbai: Major equity indices in India advanced during the afternoon session of trade after opening higher in line with global markets on Monday over signs of progress in the US-China trade stand-off.

The indices had, however, slipped in the red for a short while — 12-1 p.m. — as oil and gas and energy stocks witnessed selling pressure.

Asian stocks also traded in the green after US President Donald Trump said: “Just had a long and very good call with President Xi of China.

“Deal is moving along very well. If made, it will be very comprehensive, covering all subjects, areas and points of dispute. Big progress being made!” he said.

At 1.24 p.m., the S&P BSE Sensex traded 24.48 points or 0.07 per cent higher at 36,101.20, after touching an intra-day high of 36,285.46 and a low of 36,033.95.

The broader 50-scrip Nifty 50 was up 0.74 per cent and stood at 10,859.90 points.

The benchmark Brent Crude price was also flat at $53.21 per barrel ahead of the OPEC and other oil producers’ production cut which will take affect from January 1.

“OPEC had earlier said that they consider the $50-60 per barrel range as stable. Now that Brent crude price slid below 50, we expect further production cut,” Anuj Gupta of Angel Broking told IANS.

The Indian currency was trading at 69.91 per dollar after closing at Rs 69.94 last week.