Indian stock markets opened mildly in green today as BSE stock prices were 67 points plus at 32,295 and NSE stock prices 21 point up 9,986 mark ahead of expiry of July series futures and options contracts session, The highly anticipated federal reserve policy is meeting is scheduled to come later today in the evening. Nifty Midcap gained 0.2 percent in early trade.
GE T&D India Limited, JP ASSOCIATES , HCL, INFOSYS and VIDEO INDIA are the Top Performers on BSE On the other side commodities crude oil spiked after news coming from decline in US stockpiles and rise in shale production shows signs of slowing. Market is anticipating further increase in oil prices after the announcement from Saudi of capping and cutting crude production.Nigeria has also joined the deal to limit its output to 1.8 million bpd once it stabilizes at that level. While the OPEC is trying hard to cap the production worries are still round the corner from week Chinese demand as the data coming from china shows oil demand dropped by 0.3% in the month of april.
Estimates of faltering fuel demand growth in China and reduced refinery throughputs at Sinopec are possibly the time for OPEC, In addition Ecuador also staying away from the OPEC deal , saying that it would no longer comply with the deal because it needs funds to increase budget revenues.In the coming quarter crude can been seen trading between 43$ to 48$ as the worries from the demand side fading hopes for OPEC deal of production cuts. The downward pressure on dollar continues yesterday also and currently trading at 93.16 high downwards pressure on dollar index pushed metal prices higher today as zinc trading at 183.70 ,nickel(642.90),copper(410.85),lead(149.15) and aluminium at 125.30