Indian Markets Open Higher; OPEC Agrees To Cut Production

Indian stock markets were trading higher on Thursday, as the Organization of the Petroleum Exporting Countries agreed to reduce crude production. The S&P BSE Sensex climbed 43 points, or 0.16 percent at 26695.95. The 30-share index touched a high of 26,769.32 in morning trade. The Nifty50 rose 0.05 percent to 8228.50, after touching a high of 8,248.80 in morning trade.

The S&P BSE Midcap Index gained 0.29 percent, while the BSE S&P Smallcap Index rose 0.44 percent.

The Indian rupee declined 4 paise to trade at 68.43 against the U.S. dollar.

Direxion Daily India Bull 2X Shares INDL rose 2.64 percent to close at $46.26 on Wednesday, while PowerShares India Portfolio (ETF) PIN gained 0.83 percent to close at $19.47.

US stock markets closed mostly lower on Wednesday, with the Dow Jones Industrial Average gaining 0.01 percent, the S&P500 index falling 0.27 per cent, and the Nasdaq Composite dropping 1.05 percent.

US WTI crude futures on the NYMEX gained 0.75 percent to trade at $49.81 per barrel.

Top market movers among the BSE index are as follows

• Shyam Century Ferrous Ltd. rose 19 percent to 10.70 INR.
• Associated Stone Industries (Kotah) Ltd. shares gained around 18 percent to 22.80 INR.
• Hindustan Construction Company Ltd. shares surged 18 percent to 40.25 INR.
• Alps Industries Ltd. rose about 16 percent to 7.80 INR.

• Bronze Infra Tech Ltd. tumbled 18 percent to 2.64 INR.
• Shree Rajasthan Syntex Ltd. shares dropped around 13 percent to 11.01 INR.
• Gokak Textiles Ltd. fell around 10 percent to 45.00 INR.
• International Conveyors Ltd. shares declined 10 percent to 18.50 INR.