Indices dip 1% on oil, global signals

A rebound in oil prices ahead of the meeting of the world’s top oil producers on Wednesday also soured sentiment, with the Nifty closing below 17,000, considered a key level in the near term. The index declined 207 points, or 1.21%, from Friday’s close to end at 16,887.35, below its 200-day moving average of 16,979.88 – a long-term indicator for the 50-share gauge.

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