Key benchmark indices edged lower in early trade on subdued global cues. At 9:17 IST, the barometer index, the S&P BSE Sensex was down 67.61 points or 0.22% at 30,058.60. The Nifty 50 index declined 15.75 points or 0.17% at 9,344.15.
The BSE Mid-Cap index fell 0.21%. The decline in this index was lower than the Sensex's slide in percentage terms. The BSE Small-Cap index rose 0.1%, outperforming the Sensex.
Overseas, Asian stocks witnessed a mixed trend. US stocks closed almost flat yesterday, 4 May 2017, as energy stocks put a lid on the broader market amid slide in crude oil prices.
Closer home, the breadth, indicating the overall health of the market, was positive. On the BSE, 616 shares rose and 565 shares fell. A total of 44 shares were unchanged.
Wipro was down 0.09%. The company announced that it has joined Enterprise Ethereum Alliance (EEA) as a founding member. EEA is a collaboration of enterprises to promote, develop and implement enterprise grade Ethereum based blockchain applications across industries for specific business use cases. The announcement was made after market hours yesterday, 4 May 2017.
ONGC fell 1.72%. ONGC Videsh, a 100% subsidiary of ONGC announced that it has encountered exciting result in its well Mariposa-1 which is under drilling in CPO-5 block of Colombia. ONGC Videsh is the operator of the block and holds 70% participating interest and Amerisur Resources holds the remaining 30%. The announcement was made after market hours yesterday, 4 May 2017.
Among macro developments, a press release issued by the government after market hours yesterday, 4 May 2017 stated that eight states have passed the State Goods and Services Tax (SGST) Act in their respective State Assembly in less than a month's time.
The Legislative Assembly of Telangana State passed the State GST Act on 9 April 2017, that of Bihar State passed it on 24 April 2017, Rajasthan Assembly on 26 April 2017, that of Jharkhand on 27 April 2017, Chhattisgarh Assembly on 28 April 2017, that of Uttarakhand on 2 May 2017, Madhya Pradesh Assembly on 3 May 2017 while the Assembly of State of Haryana passed the State GST Bill on 4 May 2017.
The next GST Council meeting is scheduled to be held at Srinagar, J&K on 18 and 19 May 2017. The central government has already informed that GST will be rolled-out from 1 July 2017.
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