Domestic markets rise ahead of F&Os expiry; oil companies in focus

Domestic markets on Thursday opened in green ahead of derivatives expiry. The positive global cues also gave markets a push.

At 0918 hours the BSE Sensex was trading at 28,474.13, up 166.32 points, or 0.59%. While NSE Nifty was trading at 8,793.60, up 48.45 points, or 0.55%.

On 30-share benchmark, among the top gainers were Oil & Natural Gas Corporation (2.01%), GAIL (1.15%), Bajaj Auto (1.05%), Reliance Industries (1.04%) and State Bank of India (0.99%). Among losers were Bharti Airtel (-1.12%), Wipro (-0.30%) and Dr Reddy's Laboratories (-0.02%).

ICICI Prudential Life Insurance is set to make its stock market debut today, after it concluded its Rs 6000-crore IPO last week. The public issue was oversubscribed 10.48 times. The company had fixed price the band of Rs 300-334 per share. 

The shares of oil companies were in focus today as Organization of the Petroleum Exporting Countries (OPEC) members agreed to curb output in a surprise deal. 

It was OPEC's first agreement to cut production since 2008, though details on specific country quotes won`t be decided until the next formal OPEC meeting in November. 

The shares of ONGC were trading at Rs 257.20 per piece, up 2.23%, or Rs 5.60. During early trade, the Hindustan Petroleum  Corporation's shares were trading at Rs 428.40 per piece, up 0.34%, or Rs 1.45. However, Bharat Petroleum Corporation shares were trading at Rs 616.30 per piece, down 0.05%, or Rs 0.30.

For the month of September series in the Futures & Options (F&O) will expire today.

The Indian Rupee opened higher at 66.44 per dollar as against previous close at 66.47.

On the global front, Asian stocks gained in tandem with an oil price rally after OPEC members agreed to curb output - boosting investor risk appetite, a Reuters report said.

Overnight, European shares gained on a recovery in battered Deutsche Bank shares while the Dow rose 0.6% and the energy index had its best day since January in light of the OPEC agreement.

Oil prices settled up nearly 6% on Wednesday after OPEC struck a deal to limit crude output, the report added.