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Indian Indices: Indian equity benchmarks traded flat in late afternoon session, as anxiety spread among the investors with Asian Development Bank's (ADB) statement that the goods and services tax is expected to boost growth in the medium term, however there may be some teething pains as firms adjust to the new system. Besides, Finance Minister ArunJaitley said that the government is considering to change the country's financial year to January-December from April-March. Meanwhile, index heavyweight BhartiAirtel fell over 2% after MukeshAmbani launched Jio Phone in RIL's 40th AGM while Idea Cellular also tumbled. 

 However, the markets erased their most of losses in noon deals with taking support from the private report that strong import growth in June points to continued recovery in India's domestic demand and also indicating that economic expansion will accelerate from the April-June quarter. Besides, investors' sentiments were buoyed by earnings results. Meanwhile, foreign investment in Indian real estate sector jumped more than two-fold at $7.6 billion during 2014-16 period compared with the previous three years.

The BSE Sensex is currently trading at 31891.78, down by 12.62 points or 0.04% after trading in a range of 31808.93 and 32062.23. There were 12 stocks advancing against 19 stocks declining on the index.The broader indices were trading in red; the BSE Mid cap index was down by 0.21%, while Small cap index was down by 0.31%.

The CNX Nifty is currently trading at 9867.50, down by 5.80 points or 0.06% after trading in a range of 9838.00 and 9919.85. There were 21 stocks advancing against 30 stocks declining on the index.

Crporate Front: The Cabinet approved the 'Modified Implementation Strategy' of BharatNet project for providing broadband connectivity to all gram panchayats by March 2019, according to an official source as per PTI report. "The Cabinet has approved the modified implementation Strategy of BharatNet towards realisation of vision of digital India," the media report said quoting the source.

Macroeconomic front: Finance Minister ArunJaitley on Friday told lawmakers that the government is considering to change the country's financial year to January-December from April-March. "The matter of changing financial year is under consideration," Jaitley told lawmakers in a written reply to the lower house of parliament.

On the global front: On the global front, European markets were trading in green, supported by a surge in global stocks, as investors awaited a rate decision by the European Central Bank (ECB). Asian markets were also trading in green. Back home, in scrip specific development, ABB India jumped higher after the company reported 13% orders growth in Q2FY18 and 20% orders growth in H1 ending June 30, 2017.

Commodity Updates:

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Energy up by 1.49%, IT up by 1.19%, Consumer Durables up by 0.71%, TECK up by 0.60% and Oil & Gas up by 0.29%, while Telecom down by 1.89%, Realty down by 1.44%, Metal down by 0.98%, Power down by 0.94% and Capital Goods down by 0.86% were the top losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were Wipro up by 6.78%, Reliance Industries up by 2.95%, HCL Tech. up by 1.93%, Coal India up by 1.63% and Zee Entertainment up by 1.20%. On the flip side, BhartiAirtel down by 3.03%, Lupin down by 2.28%, Indiabulls Housing Finance down by 2.17%, Vedanta down by 1.76% and NTPC down by 1.57% were the top losers.

Global Signals:

Asian markets were trading mostly in red; Taiwan Weighted decreased 62.66 points or 0.6% to 10,436.70, Jakarta Composite decreased 51.36 points or 0.88% to 5,773.85, Nikkei 225 decreased 44.84 points or 0.22% to 20,099.75, Hang Seng decreased 34.12 points or 0.13% to 26,706.09 and Shanghai Composite decreased 6.88 points or 0.21% to 3,237.98. On the flip side, FTSE Bursa Malaysia KLCI increased 1.51 points or 0.09% to 1,757.14 and KOSPI Index increased 8.22 points or 0.34% to 2,450.06.

All European markets were trading in green; France’s CAC increased 4.31 points or 0.08% to 5,203.53, UK’s FTSE 100 increased 13.48 points or 0.18% to 7,501.35 and Germany’s DAX increased 15.96 points or 0.13% to 12,463.21.