Mumbai, June 17: Domestic equity benchmarks traded flat in morning session on Wednesday after a three-day rally driven by lower crude oil prices and optimism over a US-Iran peace deal.

Sensex was trading at 76,817.58, up 8.58 points or 0.01 per cent, while Nifty was at 23,988, down 1 point in early trade.

Earlier in the day, the 30-share index opened higher, rising 284.69 points or 0.37 per cent to hit an intraday high of 77,093.17. The 50-script basket began the day at 24,044.50, up 58.89 points or 0.24 per cent.

On the sectoral front, Nifty Consumer Durables was the top performer, gaining 1.26 per cent, followed by Nifty IT and Nifty Media.

In addition, healthcare and pharma stocks remained in demand, with Nifty Pharma advancing 0.24 per cent and Nifty Healthcare rising 0.18 per cent.

In contrast, selling pressure was visible in metal and realty stocks. Nifty Metal fell 0.87 per cent, while Nifty Realty declined 0.68 per cent. Nifty Auto, Private Bank and PSU Bank indices also traded in the red.

Among the Nifty 50 constituents, Hindalco Industries, NTPC, Trent, ONGC, Bharti Airtel, Dr Reddy’s Laboratories and Axis Bank were among the top losers.

According to market experts, two factors are likely to influence market trends in the near term — one positive and the other negative.

“The positive factor is the steady and sharp decline in crude oil prices. Brent crude has fallen by around 16 per cent over the last five days to about $79 per barrel, easing concerns over a widening balance of payments deficit in India,” they said.

The negative factor is the deficient monsoon, which is raising concerns about food inflation. However, experts noted that monsoon activity could improve in the coming days, as has happened in the past, easing such concerns.

The positive trend is likely to continue as the rupee has been steadily strengthening and could appreciate further, experts added.

On the commodities front, international benchmark Brent crude declined 0.72 per cent to $78.39 per barrel, while US West Texas Intermediate (WTI) crude decreased almost 1 per cent to $75.35.

New Delhi, June 16: The government on Tuesday refuted media reports that it is pursuing a deep-sea energy pipeline, connecting Gujarat to Oman and other Gulf countries.

In a clarification, the Petroleum Ministry said it has noticed a series of media reports suggesting that the Government of India is actively pursuing a deep-sea energy pipeline, sometimes referred to as the Middle East-India Deepwater Pipeline (MEIDP), connecting Gujarat to Oman and other Gulf countries.

“The Ministry of Petroleum and Natural Gas wishes to categorically clarify that no such proposal is currently under consideration by this Ministry. There are no active discussions or negotiations with Oman or any other Gulf countries on this project at any level in this Ministry,” it said in a statement.

“This clarification is issued to put all speculation in this regard to rest,” added the ministry.

Meanwhile, the Malta-flagged LNG carrier DISHA, managed by a Shipping Corporation of India-led consortium, safely transited the Strait of Hormuz on Monday with a cargo of 62,370 metric tonnes of LNG bound for Dahej in Gujarat, and is likely to reach India on June 18.

The government said it remains in continuous coordination with the Ministry of External Affairs, Indian missions abroad, shipping companies, and other relevant stakeholders to ensure the safety and welfare of Indian seafarers and provide all assistance. Port operations across India remain normal, with no congestion reported.

The Directorate General of Shipping (DGS) has also advised shipping companies as well as maritime recruitment and placement agencies to restrict deployment of Indian seafarers to in the Middle East conflict areas until further orders, days after three Indian seafarers onboard MT Settebello were killed after the US military strike on the commercial vessel off the Oman coast.

DG Shipping, in a circular, said masters of vessels operating in or transiting through the Gulf region, including the Strait of Hormuz and adjoining waters, are advised to maintain heightened security awareness, closely monitor navigational warnings received and advisories issued from security agencies, and implement all applicable ship security measures and company security procedures.

Mumbai, June 16: Indian equity markets traded higher in morning trade on Tuesday after the United States and Iran reached a preliminary agreement to end conflict.

Sensex rose over 300 points or 0.41 per cent to touch an intraday high of 76,579 in early trade, while Nifty gained around 90 points or 0.36 per cent to trade at 23,941.

Sectorally, buying was seen in realty, IT, consumer durables and financial stocks, with Nifty Realty gaining 0.86 per cent and Nifty IT rising 0.74 per cent.

FMCG, media, chemicals and auto indices also traded in positive territory.

In contrast, metal stocks witnessed selling pressure, dragging Nifty Metal down more than 1 per cent.

From the Nifty pack, Hindalco Industries, JSW Steel, Axis Bank, HDFC Life, Tata Motors Passenger Vehicles (TMPV) and Tata Steel were among the top losers.

Analysts said the sharp correction in Brent crude prices to below $84 per barrel and stability in the rupee have the potential to lend resilience to the market.

“The strong macro headwind of a rising balance of payments (BoP) deficit is no longer a serious issue for the economy. This positive development has imparted stability to the rupee, which has appreciated to 94.71 against the dollar from its recent low of 96.96,” market experts said.

However, analysts cautioned that a weak monsoon remains a concern, as a below-normal rainfall season could fuel inflationary pressures. They said developments on the monsoon front would need to be closely monitored in the coming weeks.

According to senior US officials, the two sides have signed a memorandum of understanding (MoU) aimed at ending the nearly four-month-long war, with a formal signing ceremony expected on Friday.

Moreover, US officials indicated that shipping traffic through the Strait of Hormuz is likely to resume gradually, easing concerns over disruptions to global energy supplies.

On the commodities front, international benchmark Brent crude traded 0.37 per cent lower at $82.86 per barrel, while US West Texas Intermediate (WTI) crude slipped 0.22 per cent to $80.57 per barrel.

Asian markets traded mostly higher. Japan’s Nikkei advanced 0.62 per cent, while South Korea’s KOSPI surged more than 2 per cent. Indonesia’s Jakarta Composite gained around 4 per cent. However, Hong Kong’s Hang Seng declined over 1 per cent.

Overnight, Wall Street ended higher, with the S&P 500 gaining 1.65 per cent and the Nasdaq surging nearly 3 per cent.