Sensex volatile; BPCL, HPCL down on 9% spike in crude

The BSE Sensex and NSE Nifty were moving around their previous closing values as they stepped into consolidation phase after a significant rally on Friday due to European Union summit. The Indian rupee too was in range around 55.60 to the US dollar.

The BSE benchmark fell 13.54 points to 17,416.44 and the NSE benchmark went down 0.85 points to 5,279.75. Asian markets too were flat as every market across the globe is looking for a fresh trigger to extend Friday's rally.

Country's largest private sector lender ICICI Bank dropped 1% while its rival State Bank of India was up 0.44%. Housing finance company HDFC gained 0.5%.

Cigarette major ITC declined 0.5%. Top software services exporters TCS and Infosys were down 0.3-0.6%.

Two-wheeler major Hero Motocorp slipped 1.4% ahead of sales numbers for June while its rival Bajaj Auto was down 1% after sales numbers.

Oil & gas producers ONGC and Reliance Industries were down 1.2% and 0.2%, respectively. Oil marketing companies BPCL and HPCL tanked 1% each as Brent crude rallied 7.1% to close at USD 97.8 a barrel on Friday (after 9% intraday jump), but Cairn India jumped nearly 2%.

Top telecom operator Bharti Airtel rose over 1%. Power producers Tata Power and NTPC were up 1%, rising consistently since last week.

Engineering and construction major by sales Larsen & Toubro was up 0.6% while state-owned power equipment manufacturer BHEL jumped 1.5%.

Among metals stocks, Sterlite Industries, Tata Steel and Hindalco Industries rose 1%.

The broader markets outperformed benchmarks; the BSE Midcap Index was up 0.9% and Smallcap up 0.66%. About two shares advanced for every share declining on the National Stock Exchange.