Sensex, Nifty consolidate ahead of RBI policy; oil prices slip

Equity benchmarks continued to consolidate in noon trade ahead of RBI monetary policy that is scheduled to be on Tuesday. The Sensex gained 16.80 points at 25286.44 and the Nifty rose 12.35 points to 7725.40.

The market breadth remained positive as about 1323 shares advanced against 909 declining shares on Bombay Stock Exchange.

Oil prices fell as the chances of Middle East producers agreeing to curb overproduction appeared to fade, while U.S. output remains stubbornly high. Front month US West Texas Intermediate (WTI) crude futures were trading at USD 36.30 per barrel, down 1.3 percent or 49 cents from their last settlement. International Brent futures were down 4 percent or 1.63 cents at USD 38.70 a barrel.

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