Stock market live: Frontier benchmark indices BSE Sensex and NSE Nifty continue to flicker around the flat line after opening higher on Thursday (May 16) on positive global news. Sensex opened 351.21 points or 0.48% higher at 73338.20, while Nifty opened 118.70 points or 0.53% higher at 22,310.20.
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Among Sensex constituents, Mahindra & Mahindra, 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.
India’s VIX index, also known as the ‘fear index’, continues to rise as market participants expect more volatility in the near term. Market analysts point to the ongoing election season as the reason for this high volatility. His VIX in India rose 0.23 points or 1.04% to 20.47.
The Indian rupee opened 2 paise higher at 83.44 against the US dollar. The Indian currency ended at 83.50 against the US currency. According to a PTI report, foreign exchange traders said the rupee remained under pressure due to the ongoing elections and foreign capital outflows.
Oil prices extended their gains from the previous session on data showing inflation was slower than market expectations and on signs of stronger demand in the United States. Brent futures rose 35 cents, or 0.4%, to $83.10 a barrel, while U.S. West Texas Intermediate crude oil (WTI) rose 40 cents, or 0.5%, to $79.03.
Meanwhile, the Indian government has reduced the windfall tax on domestically produced crude oil from Rs 8,400 to Rs 5,700 per tonne. Taxes are levied in the form of Special Additional Excise Tax (SAED).
“More subdued US inflation in April and much weaker-than-expected US retail sales have strengthened market expectations for policy easing to begin in September this year. , appears to be giving the Fed room to consider an early rate cut,” IG market strategist Yeap Jun Rong said, as reported by Reuters.
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