Nifty hovers around 7800, Sensex flat; ITC down 3%, HUL

The market is completly flat after a high opening. The Sensex is up 2.19 points at 25640.30 and the Nifty is up 10.25 points at 7792.15. About 1380 shares have advanced, 581 shares declined, and 91 shares are unchanged.

Sun Pharma, Hero MotoCorp, Tata Steel, HUL and Cipla are top gainers while ITC, NTPC, ONGC, Dr Reddy's Labs and Bharti Airtel are among losers in the Sensex. Essar Oil Ltd , India's second biggest private refiner, has set a floor price of Rs 146.05 a share to buy out minority shareholders, the company said in a public notice.

Essar Oil has decided to delist from local stock exchanges by buying out the non-promoter shareholding of 28.54 percent to give its promoters greater flexibility, the company said. The Bombay Stock Exchange and the National Stock Exchange had earlier approved the planned delisting of shares in Essar Oil. The share buyback would begin on December 15, the notice said.

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