The market, while moving towards the second half of the trading hours, was trading slightly lower, erasing its opening gains. The BSE Sensex was at 35,301 points and the NSE Nifty was trading at 10,714 points.

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The gains dropped as the Supreme Court will be hearing the Congress-JD(S) plea on Friday. The Sensex was under pressure due to sudden hike in oil prices to $80 per barrel.

Oil prices are poised to break through $80 per barrel and Asia's demand is at a record, pushing the cost of the region's thirst for crude to $1 trillion this year, about twice what it was during the market lull of 2015/2016.

The market had opened higher after BJP got the go-ahead to form the government in Karnataka. BS Yeddyurappa was sworn in as the chief minister just before the market opened.

The BSE Sensex opened at 35,483 points and the NSE Nifty at 10,775 points.

Bharti Infratel, Tata Motors were among the index gainers, while Hindalco was losing 3% after posting its quarterly results, missing the Street's estimates. Tata Steel lost in the trade right after the buzz that Neeraj Singhal, Bhushan Steel stakeholder, will challenge the NCLT order on its nod to Tata Steel's bid for Bhushan Steel.

On the earnings front, Bajaj Finance, Bajaj Finserv, Voltas, Coffee Day, Central Bank, among others will declare their quarterly earnings.

On the global front, Japan's Nikkei was trading in the green with a 68-basis point advantage while Korea's Kospi was losing in trade, near to its day's low.

First Published:May 17, 2018 12:21 PM IST