Sensex, Nifty flat; Axis, Dr Reddy's, BHEL major laggards

Moneycontrol Bureau11:45 am Upcoming IPO: The initial public offer of Advanced Enzyme Technologies was oversubscribed 1.27 times during the morning trade on the second day of the offer today.

The Rs 411.5-crore IPO received bids for 41,13,648 shares against the total issue size of 32,34,059 shares, data available with the NSE till 1030 hrs showed.

Advanced Enzyme Tech has mopped up nearly Rs 123 crore from as many as 15 anchor investors. Price band has been fixed at Rs 880-896 per share for the IPO, which closes tomorrow.11:30 am Buzzing: Neyveli Lignite Corporation shares surged nearly 10 percent intraday on cabinet approval for the 1,980 MW thermal power project in Uttar Pradesh. The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, has given its approval for installation of Ghatampur Thermal Power Project of 1,980 mw (3 X 660 MW) capacity through a joint venture company named Neyveli Uttar Pradesh Power (NUPPL)," Coal Ministry said in a statement. The joint venture is formed by Neyveli Lignite Corporation and Uttar Pradesh Rajya Vidyut Utpadan Nigam.Don't miss:  L&T Infotech lists at 6% discount from issue price The market is absolutely flat with the Nifty above 8550. The 50-share index is up 8.05 points at 8573.90 and the Sensex is down 2.81 points at 27913.08. About 1263 shares have advanced, 893 shares declined, and 132 shares are unchanged.

Cipla, Sun Pharma, ONGC, Bajaj Auto and Hero MotoCorp are top gainers in the Sensex while Axis Bank, Dr Reddy's Labs, BHEL, Reliance and M&M are losers in the Sensex.

Oil prices edged up in Asia following US data showing a drop in crude inventories, a sign of a tightening supply market.

Crude stockpiles fell by 2.3 million barrels last week -- the ninth week in a row -- data from the US Department of Energy showed. This helped offset a surprise rise in gasoline inventories over the summer -- traditionally the peak demand season for motor fuel.