BSE Sensex up nearly 150 points led by surge in oil stocks

The 30-share BSE Sensex was trading at 28,441.25, up nearly 150 points in early trade on Thursday as global markets surged gaining support from a surprise outcome of the Organisation of Petroleum Exporting Countries (OPEC) meet. 

The benchmark Sensex was trading at 28,441.25, up 148.44 points or 0.52% in early trade with the surge led by oil stocks. 

Oil prices in the overseas market surged more than 5% after the OPEC meet held in Algiers decided to cut production of crude oil by 750,000 a day. In London, benchmark Brent North Sea crude for November delivery rose USD 2.72 to USD 48.69, while in New York a barrel of West Texas Intermediate (WTI) was up USD 2.38 to USD 47.05. OPEC countries' oil output counts for about 40% of the world's crude oil output. 

On the BSE, the shares of oil stocks rose, with Bharat Petroleum up at Rs 620.15 (+0.58%), Hindustan Petroleum at Rs 429.50 (+0.60%), Indian Oil Corporation 597.10 (+0.90%), ONGC Rs 256.60    (+1.99%), and Oil India Rs 406.70 (+0.91%). 

The shares of ICICI Prudential Life Insurance debuted on the BSE on Thursday at Rs 329 apiece. So far, it was hit a high of Rs 333.90 and an intraday low of Rs 320.75. 

Apart from this, the top gainers on the BSE were, BalKrishna Industries (5.70%), United Spirits (3.77%), Jaypee Infratech (3.43%), and Unitech (4.08%). 

The 50-share CNX Nifty was trading at 8784.35, up 39.20 (0.45%) in early trade. On the NSE, BPCL was trading up 0.81%, HPCL up 0.19%, IOC up 0,83%, ONGC up 2.01%. 

The rupee gained against the dollar for the sixth straight session, appreciating by 3 paise to 66.43 to a dollar.