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Oil prices soared nearly 6% on Monday after Saudi Arabia and other major oil producers said they will cut production by 1.15 million barrels per day from May

Several OPEC member-countries led by Saudi Arabia have unexpectedly agreed to reduce their oil production by more than one million barrels per day from May 2021 to the end of the year, signalling their desire to curb a recent fall in crude prices. The cuts come despite the fact that the group and Russia had also cut production by two million barrels per day in October 2020, which angered the US

Before the intervention, global oil supply was set to exceed demand by about 500,000 barrels a day from April to June, before flipping into a deficit in the second half as China’s post-pandemic demand recovery picks up, according to Bloomberg calculations using data from the International Energy Agency

The Nifty IT index closed 0.23 per cent down at 28633.0.

According to the fourth quarter business update released by the bank, corporate and other wholesale loans jumped 12.5% in the period ending March 2023.

Nifty Bank outperformed headline indices and the broader markets with gains of 0.5%.

The minister said capital markets regulator Sebi, along with exchanges, conducts regular inspection of brokers based on certain criteria and takes action as per its regulations and bye-laws of the exchanges.

Chart readers said the index is currently placed at the hurdle of the previous significant opening downside gap of 10th March around 17,400 levels.

The Nifty Auto index closed 1.49 per cent up at 12425.85.

The stock quoted a 52-week high price of Rs 1571.0 and a 52-week low of Rs 983.7.