Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 37.50 points at the opening bell.
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.
In global commodities markets, Brent crude oil futures for July settlement were up 3 cents at $48.41 a barrel. The contract had dropped $2.41 a barrel or 4.74% to settle at $48.38 a barrel during previous trading session on concerns of oversupply. Oil prices had slipped, driven by speculation the world's supply glut will take longer to eradicate than markets had forecast.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 601.12 crore yesterday, 4 May 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 926.10 crore yesterday, 4 May 2017, as per provisional data.
Among corporate news, Wipro 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.
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.
Key indices registered modest gains yesterday, 4 May 2017, buoyed by positive sentiment in European trading. The Sensex had risen 231.41 points or 0.77% to settle at 30,126.21, its highest closing level since 26 April 2017.
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