The Indian market largely closed higher after a volatile session of trade. Benchmark indices closed in the green while the Midcap Index closed lower.

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The Sensex reversed losses from Wednesday to close 318 points higher at 34,663 and the Nifty gained 83 points to 10,514.

Here's what you should know before the opening bell

Oil prices eased on Friday as Russia hinted it may gradually increase output after withholding supplies since 2017 together with producer cartel OPEC.

The government may levy a windfall tax on oil producers like Oil and Natural Gas Corp (ONGC) as part of a permanent solution it is working on for moderating the spiralling retail prices of petrol and diesel, sources told PTI.

On the earnings front, Sun Pharma, IDBI Bank, Bank of Baroda, Cadila, Tech Mahindra, Page Ind, among others will declare their quarterly earnings.

The law ministry is of the view that the goods and services tax (GST) council has the powers to recommend cess for any commodity under the new indirect tax regime despite facing opposition from at least three state governments on imposing such a levy on sugar.

The SGX Nifty is trading at levels around 10,505, in-line with Nifty May Future's Thursday close, indicating a flat opening on Dalal Street.

The US market also ended lower consequent to the decision of the Singapore summit. All the indices closed in the red, while the Dow Jones lost close to 100 points.

Asian shares were slightly weaker on Friday amid fragile market sentiment after US President Donald Trump called off a key summit with North Korea, though investor concerns were softened by expectations the two countries may still continue dialogue.

US President Donald Trump on Thursday called off a historic summit with North Korean leader Kim Jong Un scheduled for next month, citing Pyongyang’s “open hostility,” and warned that the US military was ready in the event of any reckless acts by North Korea.

The US dollar ended cheaper against the rupee at Rs 68.34/35 per dollar but the pound sterling finished higher at Rs 91.58/60 at the Interbank Foreign Exchange (forex) market here today.

First Published:May 25, 2018 7:58 AM IST