Sensex Ends 572 Points Lower; Auto And Realty Stocks Witness Selling

Indian share markets witnessed most of the selling pressure during closing hours and ended their trading session on a negative note. All sectoral indices ended on a negative note with auto stocks, realty stocks, and oil & gas stocks losing the most.

At the closing bell, the BSE Sensex stood lower by 572 points (down 1.6%) and the NSE Nifty closed down by 182 points (down 1.7%). The BSE Mid Cap index ended the day down 1.5% and the BSE Small Cap index ended the day down by 1.4%.

The rupee was trading at 70.86 against the US$.

Asian stock markets finished on a negative note. As of the most recent closing prices, the Hang Seng was down by 2.5% and the Shanghai Composite was down by 1.7%. The Nikkei 225 was down 1.9%.

In the news from the commodity space, the Organization of the Petroleum Exporting Countries (OPEC) has made a planned cut in oil output effectively conditional on the contribution from non-OPEC producer Russia.

The above development comes as the group gathered in Vienna for a meeting aimed at supporting oil prices.

As per the news, the group was waiting for news from Russia as Energy Minister Alexander Novak had flown back from Vienna for a possible meeting with President Vladimir Putin.

The 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.

Recently, Qatar announced that it is quitting next month to focus on liquefied natural gas (LNG) production. This was a big blow faced by OPEC.

Qatar's energy minister Saad Sherida al-Kaabi dismissed the notion that the move was driven by Doha's ongoing feud with OPEC's de facto leader Saudi Arabia.

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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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