Benchmark indices ended lower after consolidation, as investors monitor trade developments between US and China. The OPEC decision will also be closely watched.
IOC, HPCL and BPCL gained 3-4 percent on correction in crude oil prices.
ICICI Bank and Reliance Industries gained more than a percent while HDFC Bank rose half a percent.
SBI, L&T, ITC, Maruti, M&M, Dr Reddy's Labs and Axis Bank were under pressure.
Nifty Midcap index fell over 100 points.
HEADLINES OF THE DAY
ICICI Bank gains over 2% on reports of likely appointment of new chairman PNB Housing Finance to consider fund raising Dr Reddy's Laboratories has launched Levetiracetram in Sodium Chloride injection, an anti-epileptic drug, in the US market.
The crucial resistance for Nifty spot is now seen at 10810 and above this 10875. Support for the immediate term is now placed at 10640 next support will be 10585.In base metals counter Nickel may open in green along with zinc while rest of the metals can trade with sideways bias. Fears of a full-blown trade war with the United States have magnified concerns about the outlook for the world's secondlargest economy, following weaker-than-expected growth data for May.
Copper can face resistance near 463 and can take support near 453. London copper rebounded from a three-week low on Thursday after China said it was eyeing cuts in banks' reserve requirement ratios (RRR) and other measures to spur economic growth, which could support copper demand in the world's top user. The global world refined copper market showed a 55,000 tonnes surplus in March, compared with a 87,000 tonnes surplus in February, the International Copper Study Group said. Zinc can take support near 205 and resistance near 209 while lead can take support near 163 and can face resistance near 165. Nickel may trade with upside bias as it can take support near 1000 and head towards 1026. Nickel prices in London and Shanghai also jumped, supported by gains in Chinese steel futures.
Aluminium may witness some short covering as it can take support near 147 and resistance near 150 in MCX. Global primary aluminium output in May rose to 5.441 million tonnes from a revised 5.303 million tonnes in April, International Aluminium Institute data showed.
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