KARACHI -  Stock market witnessed bullish session on Thursday after Organization of Petroleum Exporting Countries (OPEC) agreed to its first supply cut in eight years in order to support falling crude prices. The PSX 100-share index posted a gain of 285 points and closed at 42,907 points. Positive sentiment prevailed in oil and gas exploration companies on the back of rising crude prices. Oil and Gas development company (OGDC), Pakistan Oil Fields (POL) and Pakistan Petroleum (PPL) registered a gain in the range of 4.0%-4.8%. The aforementioned sector closed (4.34%) higher from its previous day’s close, as crude oil prices surged to trade comfortably above $49/bbl level. POL and PPL were major movers of the said sector as they gained to close near their respective upper circuits.  Banking sector lost most of its intra-day gain, as CPI number for the month of Nov-2016 clocked in at 3.8% YoY versus 4.2% YoY for the month of Oct-2016. HBL (down 1.47%) and MCB (1.09%) were major losers of the aforementioned sector.  Speculations on likely PM special package to boost textile & cement exports and reports of rising urea sales played a catalyst role in bullish close. Overall, volumes increased to 504m shares, while value increased to Rs18.1b/$172m.