Stock market live: Despite positive global cues, both BSE Sensex and NSE Nifty remained depressed after opening in the red region. India’s VIX index, which remains in focus during the ongoing election season, is again trading 1% higher at 17.25.
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Contrary to the trend emerging over the past three sessions, the Indian Frontline index opened with a modest devaluation, with Nifty opening below 22,300 and Sensex opening around 73,200. BSE Sensex fell 286.85 points or 0.85% to 73,225.00, while Nifty fell 71.30 points or 0.32% to 22231.20.
The gap down start between Sensex and Nifty comes even as the future of GIFT Nifty indicates a gap up start between Sensex and Nifty. Gift Nifty futures were trading 29.00 points (0.13%) higher at 22,422.50.
On the sectoral index, automobiles, PSU banks, FMCG, metals and energy remained in the green while IT, pharma and real estate were trading in the red. The PSU and PSE indexes remained the biggest gainers, increasing by more than %.
In contrast to the frontline index, the overall market remained in green territory with a slight increase.
International crude oil prices fell after American Petroleum Institute data showed an increase in U.S. crude oil and fuel inventories, as well as gasoline and distillate fuel inventories, Reuters reported. The figures show U.S. crude oil inventories rose by 509,000 barrels in the week ending May 3, a sign of weak demand.
Brent crude oil futures fell 21 cents, or 0.3%, to $82.95 a barrel. U.S. West Texas Intermediate crude oil futures fell 13 cents, or 0.2%, to $78.25 a barrel. All transatlantic indexes fell slightly in pre-market trading on signs of easing supply constraints.
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