1. Indian markets expected to open flat, Asian markets down after crude output cut extended

Indian markets expected to open flat, Asian markets down after crude output cut extended

Tracking losses from their Asian peers, Indian benchmark indices may open flat on Friday, despite a positive handover from Wall Street. Yesterday, Indian markets snapped two-day losses and witnessed a renewed rally on the expiration day of May series of Future and Options. Most of the sectors except pharma sector, which witnessed heavy selling, participated in yesterday's rally

By: | Published: May 26, 2017 9:23 AM
On Thursday, the BSE Sensex gained 448 points to reach an all-time high of 30,750 points. The CNX Nifty too was up 149 points and closed above the crucial level of 9,510 points.

Tracking losses from their Asian peers, Indian benchmark indices may open flat on Friday, despite a positive handover from Wall Street. At 9:00 am, Australia ASX All Ordinaries Index was down 0.68% or 39.70 points, Shanghai SE Composite Index was down 0.05% or 1.76 points, Hang Seng was down 0.11% or 27.98 points while Taiwan TSEC 50 Index was down 0.25% or 25.73 points. SGX Nifty was trading down 9.50 points or 0.10% at 9,486.50, indicated that domestic bourses may have a flat to negative opening.

The US markets advanced for a sixth straight session on Thursday. The S&P 500 and Nasdaq Composite closed at fresh records. The S&P 500 index rose 11 points to finish at 2,415. The Nasdaq Composite index advanced 42 points to end at 6,205. The Dow Jones Industrial Average surged 71 points to close at 21,083.

Back home, yesterday, Indian markets snapped two-day losses and witnessed a renewed rally on the expiration day of May series of Future and Options. Most of the sectors except pharma sector, which witnessed heavy selling, participated in yesterday’s rally helping the BSE Sensex gain 448 points to reach an all-time high of 30,750 points. The CNX Nifty too was up 149 points and closed above the crucial level of 9,510 points. OPEC and non-members led by Russia decided on Thursday to extend cuts in oil output by nine months to March 2018 as they battle a global glut of crude after seeing prices halved and revenues drop sharply in the past three years, said a Reuters report

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Meanwhile, OPEC and non-members led by Russia decided on Thursday to extend oil output cuts by nine months until March 2018 in their efforts to battle a global crude oil glut that has caused prices to halve and revenues to drop sharply in the past three years.

Oil prices dropped more than four percent as the market had been hoping oil producers could reach a last-minute deal to deepen the cuts or extend them further, until mid-2018, a Reuters report said. Oil-linked currencies dipped on news of expected OPEC output cut. The Canadian, Australian and New Zealand dollars fell substantially on Thursday, tracking a drop in oil prices as OPEC countries meeting in Vienna agreed to further cut production for nine months, the report said.

Yesterday, the rupee strengthened 11 paise to end at 64.62 against the US dollar on the back of sustained selling of the greenback by exporters and banks. The dollar index, which tracks the US dollar against a basket of six major rivals, was down 0.1 percent.

Crompton Greaves, DLF, HPCL, ITC, ONGC, Tech Mahindra will announce their fourth quarter results today.

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