ICICI Prudential made it debut on the stock markets today with a rather underwhelming listing, now below 6% of its issue price. However analysts had pointed out that the IPO is a longer-term hold, as the insurance market matures in the country and the major players - ICICI Pru and HDFC Max Life - deepen their markets.

Pressure is building on the RBI for a interest rate cut, with the government giving non-too-subtle hints that the RBI is being too conservative in cutting the interest rate. In a swipe against the institution, the Chief Economic Advisor Arvind Subramanian called RBI "a little backward" on inflation concerns. Senior finance ministry officials have called a rate cut during the October 4 review "a given," adding to a chorus clearly meant for the ears of Urjit Patel.  

Global oil prices jumped 5% on the news that the OPEC has agreed to a deal for the first time in eight years to cut its oil production. Saudi oil revenue has halved over the past two years, forcing the country to liquidate billions of dollars of their overseas assets every month to paytheir bills and cut the generous subsidies Saudi citizens received. These subsidies have been a way for the kingdom to maintain its hold in a highly undemocratic setup. 

Bharat Pumps is the first PSU up for sale from the Modi government, The company is deep in the red, and had posted a net loss of Rs 4,777 crore in 2014-15. It as recommended for revival and disinvestment by the NITI Aayog.

Photo of the day: Part of the MH17 Malaysian Airlines plane in Donetsk, Ukraine. Prosecuters said yesterday that the missile that shot the plane down came from Russia. Reuters/Maxim Zmeyev