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The S&P BSE Sensex is trading at 26,652, down mere four points, while NSE Nifty is trading at 8,233 up eight points. The Indian rupee opened lower by 10 paise at 68.48/$ against the previous close of 68.37/$.
The landmark decision by the Organization of the Petroleum Exporting Countries to cut production has fueled a sharp rally in oil prices, which rose almost 10% to skyrocket near the $50 a barrel mark. OPEC’s collective output will now reduce by 1.2 million barrels a day. The last time a cut was implemented was way back in January 2009 and non-OPEC members like Russia have also joined in the output reduction.
Banking stocks are regaining momentum. At the macro level, the second quarter of this fiscal year saw GDP growth at 7.3% (yoy), higher than the reading of 7.1% during the prior quarter. Lower interest rates are yet to translate into any meaningful shift in the private investment cycle.
Meanwhile, India's infrastructure output accelerated to its fastest growth in half a year rising 6.6pc yoy in October. Later in the day, data is awaited on auto sales numbers, India manufacturing PMI, EU unemployment, US jobless claims and manufacturing PMI.
Asian markets opened in the green with the Japanese 'Nikkei" leading from the front as US/Yen hit 114.5 the highest in the last 10 months. This saw Japanese exporters lead gains along with commodity stocks from other Asian indices. The Dow Jones hit new intra session highs but gave up gains on profit booking near the close.
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