Sensex, Nifty remain rangebound; Cipla, Coal India, Bharti drag

Moneycontrol Bureau11:40 am Concurrent gainers: As the market continues to struggle after severe cuts seen yesterday, here are 6 stocks that have made 13-54 percent gains in last eight days. The Sensex felll around 460 points on Thursday. 11:30 am FII view: The Indian markets have witnessed volatility lately, thanks to geopolitical concerns in the subcontinent and concerns of stress facing the European banking system. But veteran emerging markets investor Mark Mobius thinks that the Indian government's reform drive would aid shares and drive investment into the country even as he thinks concerns over the fate of struggling Deutsche Bank would unnerve global markets. In an interview with CNBC-TV18, Mobius, Executive Chairman, Templeton Emerging Markets Group, said any dip would be a buying opportunity for Indian shares and that he was a big buyer of the consumption theme, followed by telecom and Internet companies.11:20 am New kids in F&O segment: Torrent Power, IDFC Bank and DCB Bank were added in the Futures and Options. These stocks are making good gains in trading today. Currently, there are over 200 securities available in the F&O segment for trade.

In July 2015, markets regulator Sebi had made a steep hike in the minimum investment size for any equity derivative product to Rs 5 lakh from Rs 2 lakh. Besides, the minimum lot size of an equity derivative contract had been increased to Rs 5 lakh.

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The market is still flat with the Nifty still below 8600. The 50-share index is up 1.60 points at 8592.85. The Sensex is down 11.53 points at 27816.00. About 1613 shares have advanced, 580 shares declined, and 130 shares are unchanged.

GAIL, M&M, ONGC, SBI and BHEL are top gainers while Cipla, Coal India, Bharti Airtel, Dr Reddy's Labs and Adani Ports are losers in the Sensex.

Oil prices fell as doubts emerged over the long-term success of a surprise OPEC agreement to cut output and stabilise the oversupplied market. The Organisation of the Petroleum Exporting Countries on stunned traders by announcing plans to trim collective production by around 750,000 barrels per day.

Initial euphoria over what would be the first output cutin eight years sent prices soaring six percent but the rally fizzled yesterday as traders digested the nuts and bolts of the deal remained to be agreed.