Benchmark indices opened the day higher, as OPEC, the oil governing body cut oil production targets for members, fuelling a rally in crude prices. This was the first deal for oil cuts since 2008. This led to sharp gains in crude and stock prices across the globe. The Japanese Nikkei was up more than one per cent, while the Australia's ASX 200 was up 0.58 per cent.
The other gainers from the Nifty were Lupin, Reliance Industries and Gas Authority of India. IT stocks which have seen a good rally in the last few days, continued to fall for the second day in a row. Infosys and TCS were both trading down by 0.5 per cent. Wipro, however, managed to buck the trend and was up in trade.
Among non index stocks, shares in Ratnamani Metals dropped, after its results did not match expectations. Meanwhile, the rupee fell marginally at 68.41 to the dollar. The currency is expected to trade in a range for the next few days.