* NSE index down 0.15 pct, BSE 0.06 pct lower
* Mkt expected to be flat over next few sessions - analysts
* Crude prices shoot up 13 pct on OPEC deal
By Samantha Kareen Nair
Dec 1 (Reuters) - Indian shares were flat on Thursday after
four straight sessions of gains, with oil producers such as Oil
and Natural Gas Corp Ltd gaining on a sharp crude
rally while sectors such as banks saw some profit-taking.
Investors largely ignored data released late on Wednesday
that showed gross domestic product expanded by an
annual 7.3 percent between July and September, given most
analysts expect that to reverse this quarter after India
withdrew higher-value banknotes.
Data on Thursday showed Indian factory activity decelerated
sharply last month as demonetisation led to a rationing of cash
and cooled domestic consumption, new orders and production.
Analysts said markets would likely remain flat over the next
few sessions as investors await the Reserve Bank of India's
policy decision on Wednesday, amid growing expectations that the
central bank will cut rates to help offset the economic impact
"Markets will remain lacklustre for the next few sessions
until we get some clarity from the RBI policy meet next week,"
said Jayant Manglik, president, retail distribution, Religare
The broader NSE index was down 0.15 percent at
8,212.45 as of 0629 GMT, while the benchmark BSE index
was 0.06 percent lower at 26,637.36.
Oil producers rose as crude prices shot up 13 percent,
smashing trading volume records, after OPEC and Russia cut a
deal to reduce output to drain a global supply glut.
ONGC rose as much as 3.4 percent, Oil India Ltd
climbed up to 3.8 percent and Cairn India Ltd gained
as much as 2.3 percent.
However, banks fell on profit-taking after the sector
rallied on Wednesday when the central bank allowed lenders to
use all their cash to meet cash reserve ratio requirements, not
just a certain amount of the money.
ICICI Bank fell as much as 2.4 percent after
rising 4 percent on Wednesday.
(Reporting by Samantha Kareen Nair in Bengaluru; Editing by