Sensex, Nifty rangebound; PNB up 3%, Brent crude firm at $49/bbl

Moneycontrol Bureau11:30 am Buzzing: NBCC (India) shares surged 14 percent intraday after the Union Cabinet has approved redevelopment of seven colonies at a cost of Rs 32,835 crore.

The Union Cabinet, on July 5, has approved the redevelopment of seven General Pool Residential Accommodation (GPRA) colonies through NBCC and the Central Public Works Department.

NBCC will redevelop Sarojini Nagar, Netaji Nagar, and Nauroji Nagar while CPWD, the unlisted company, has been allotted Kasturba Nagar, Thyagraj Nagar, Srinivaspuri and Mohammadpur.

With this redevelopment, the housing units in these places will be doubled to 25,667 from existing 12,970 units.

"There will be a total expenditure of Rs 32,835 crore which we are investing in dwelling units. After reconstruction, renovation and fresh construction, they could be increased from the present 12,970 to 25,667 dwelling units. This will help government employees who have to wait for long years to get government accommodation," Union Minister Ravi Shankar Prasad said.Also read - Bank Julius Baer says go for gold, bats big for India among EMs11:00 am Market Check

Equity benchmarks remained flat with a positive bias due to lack of global and domestic cues. The Sensex advanced 51.56 points to 27218.43 and the Nifty gained 2.35 points at 8338.30.

The market breadth continued to be positive as about two shares advanced for every share declining on the Bombay Stock Exchange.

Punjab National Bank shares rallied more than 3 percent after its housing finance subsidiary filed IPO papers with the market regulator.

Asia markets were mixed, despite a stronger finish in the US that followed a rise in oil prices and the release of dovish Federal Reserve meeting minutes. Japan's Nikkei and China's Shanghai fell 0.3-0.6 percent while Hong Kong's Hang Seng was up 0.8 percent.

Oil prices rose, supported by a report of another fall in US crude inventories as well as a weaker dollar, although a glut of refined products and economic growth concerns continue to weigh on markets. International Brent crude oil futures were trading at $49.09 per barrel, up 29 cents from their last settlement. US West Texas Intermediate (WTI) crude was up 35 cents at USD 47.78 a barrel.