The Sensex is down 81.65 points or 0.3 percent at 27348.63 and the Nifty is down 36.20 points or 0.4 percent at 8448.75. About 509 shares have advanced, 1919 shares declined, and 83 shares are unchanged. Metals and pharma stocks are bleeding.
ITC, HUL, ONGC, NTPC and Axis Bank are top gainers while Sun Pharma, Dr Reddy's Labs, Lupin, Coal India and SBI are losers in the Sensex.
Oil prices edged up in early trading, stabilising after five straight days of falls triggered by a surge in US crude inventories and doubts over the ability of oil producers to coordinate an output cuts.
Despite the slight increases, traders said market sentiment was bearish. Brent futures fell for the past five straight trading sessions and is down about 13.5 percent since its most recent peak in mid-October.
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