The OPEC’s decision to maintain its production target of 30 million barrels per day, instead of cutting output to cushion the fall in crude prices, sent the markets to new highs on Friday, reports fe Bureau in Mumbai.
The 50-share Nifty touched the 8,600-mark, while the BSE barometer Sensex rose 0.9% or 255.08 points to end at 28,693.99 points. The records were not limited to benchmark indices with the BSE’s market capitalisation also crossing the R100 lakh crore-mark intra-day on Friday.
Oil-related stocks were in focus during the day. Among oil-marketing companies, HPCL closed at its lifetime high of R596.75, while BPCL hit 52-week high of R784.50. IOCL ended 4.42% higher at R364.7. SpiceJet and Jet Airways posted gains of 18.36% and 20%, respectively.
Shares of paint firms, which use crude-oil derivatives for raw materials, gained 1-5%. Asian Paints closed at record-high of R743.7.
Berger Paints ended 3.65% higher at R392.9, while shares of Kansai Nerolac Paints ended 1.1% higher to R2,011.6. Bank stocks also cheered Opec’s decision as lower crude prices increase the possibility of a rate-cut by the Reserve Bank of India (RBI) on December 2 in its monetary policy. The Bank Nifty hit all-time high of 18,615.40 points.