Indian Indices Open Marginally Lower; Realty And Telecom Stocks Witness Selling

Asian shares are trading on a mixed note today. The Nikkei 225 is down 1.2% while the Hang Seng is down 0.2%. The Shanghai Composite is trading up by 0.04%.

Back home, India share markets opened the day marginally lower. The BSE Sensex is trading down by 146 points (down 0.4%) while the NSE Nifty is trading down by 35 points (down 0.3%). The BSE Mid Cap index is trading up by 0.1%, while the BSE Small Cap index has opened the day up by 0.2%.

Sectoral indices have opened the day on a mixed note with realty stocks and telecom stocks witnessing maximum selling pressure.

The rupee is trading at 70.51 to the US dollar.

From the banking space, Yes Bank share price is in focus today as the bank appointed TS Vijayan, a former chairman of Insurance Regulatory & Development Authority to its board of directors after a series of resignations.

As per a statement by the bank, the financial services veteran who also served Life Insurance Corporation of India would be an independent director.

In the news from commodity markets, crude oil is witnessing buying interest today. Crude oil prices extended the gains seen yesterday and rose today amid expected supply cuts by the OPEC.

Gains are also seen on the back of a mandated reduction in Canadian output.

As per the news, the Organization of the Petroleum Exporting Countries (OPEC) plus Russia and other allies are meeting on 6th and 7th December. Producers are discussing a supply curb of 1 million to 1.4 million barrels per day (bpd) and possibly more.

The OPEC meeting in Vienna will follow a gathering by the Group of 20 (G20) nations in Argentina, at which oil policy is expected to be discussed. The meet will also potentially lay the groundwork for an OPEC deal.

Note that OPEC's de-facto leader Saudi Arabia wants the cartel and its allies to cut output by about 1.4 million barrels per day (bpd), around 1.5% of global supply.

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Disclosure: Equitymaster Agora Research Private Limited (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. ...

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