Share Market Live: Sensex, Nifty open in green (File Image)
Stock Market Live: Frontline benchmark indices BSE Sensex and NSE Nifty continues to flicker near flatline after opening higher on Thursday (May 16) on positive global cues. Sensex opened 351.21 points, or 0.48 per cent higher at 73338.20 while Nifty inched 118.70 points, or 0.53 per cent higher at 22,310.20.
Among the Sensex components, Mahindra & Mahindra (M&M), Reliance Industries, Bharti Airtel, Infosys, Tech Mahindra, HCL Technologies, and Tata Consultancy Services were the major gainers. Maruti, Tata Motors, Power Grid and Larsen & Toubro were among the laggards.
Among sectoral indices, IT and Realty inched over 1.5 per cent higher to lead gains in today’s session. On the other hand, Energy, Commodities, PSU Bank remained in red.
India VIX, also called as ‘Fear Index’, continues to soar higher as market participants anticipate higher volatile in near time. The reason cited by market analyst for this high volatility is the ongoing election season. India VIX has inched 0.23 points, or 1.04 per cent higher at 20.47.
The Indian rupee opened 2 paise stronger at 83.44 against the US dollar. The Indian currency had closed at 83.50 against the US currency. Forex traders said the rupee remains under pressure due to ongoing elections as well as foreign fund outflows, as per a PTI report.
Crude oil prices extended gains from the previous session on signs of stronger demand in the US where data showed slower inflation than markets expected. Brent futures rose 35 cents, or 0.4 per cent, to $83.10 a barrel while US West Texas Intermediate crude (WTI) gained 40 cents, or 0.5 per cent, to $79.03.
Meanwhile, the Indian government has slashed windfall tax on domestically produced crude oil to Rs 5,700 per tonne, from Rs 8,400 per tonne The tax is levied in the form of Special Additional Excise Duty (SAED).
“A more tamed read for US April inflation and a far weaker-than-expected read in US retail sales seem to offer room for the Fed to consider earlier rate cuts, with market expectations leaning more firmly for policy easing to kickstart in September this year,” said IG market strategist Yeap Jun Rong, as reported by Reuters.
