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Indian Indices: Indian equity indices pared their initial gains to trade flat in late afternoon session as investors eagerly awaited results of assembly elections in five states due tomorrow and Federal Reserve policy meeting next week. Moreover, industrial production (IIP) data for January, scheduled to be released after market hours today, also influenced sentiments. Some concerns came with the ICRA’s report that higher oil and gold imports are likely to widen the current account deficit (CAD) to $30 billion or 1.2 percent of GDP in the fiscal 2017-18 from $20 billion or 0.9 percent of GDP in 2017, arresting the trend of moderation recorded for four consecutive years since fiscal 2014. 

 However, market participants got some comfort with the report that the government's revenue collection from indirect tax during April-February grew by an impressive 22.2 percent, while that of direct tax rose by 10.7 percent. Total direct and indirect tax collections at February end stood at Rs 13.89 lakh crore, 81.5 percent of the target of Rs 16.99 lakh crore, as per the revised estimate for 2016-17.

The BSE Sensex is currently closed at 28946.23, up by 17.10 points or 0.06% after trading in a range of 28937.07 and 29076.63. There were 13 stocks advancing against 17 stocks declining on the index.The broader indices were trading mixed; the BSE Mid cap index was down by 0.12%, while Small cap index was up by 0.14%.

The CNX Nifty is currently shut up at 8934.55, up by 7.55 points or 0.08% after trading in a range of 8927.05 and 8975.70. There were 24 stocks advancing against 27 stocks declining on the index.

Crporate Front: Cab-hailing app Uber will stop using its "Greyball" tool to evade law enforcement regulators, the company announced, just days after it defended the controversial programme as necessary to protect its drivers from harm."We have started a review of the different ways this technology has been used to date," The Guardian reported, citing Uber's Chief Security Officer Joe Sullivan as saying in a blog post on Wednesday. 

Macroeconomic front: India's current account deficit is expected to increase by $10 billion to $30 billion in the 2017-18 fiscal due to higher oil and gold imports, credit rating agency ICRA said on Thursday. However, the pressure related to the financing of a larger current account deficit would abate with the resumption of Non-Resident Indian (NRI) deposits in 2018.

On the global front:

On the global front, European markets were trading in green as investors awaited the all-important U.S. non-farm payrolls report due later in the day for clues into the timing of any further rate increases. Investors digested the European Central Bank's decision to keep interest rates unchanged on Thursday. President Mario Draghi also signaled that there was no longer a sense of urgency to take further monetary action. Asian markets were trading mixed.

Commodity Updates:

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Telecom up by 1.19%, TECK up by 0.62%, Capital Goods up by 0.61%, IT up by 0.51% and Industrials up by 0.37%, while Metal down by 0.60%, Oil & Gas down by 0.54%, Energy down by 0.53%, Power down by 0.33% and PSU down by 0.32% were the top losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were Idea Cellular up by 2.07%, BhartiInfratel up by 1.47%, BhartiAirtel up by 1.26%, Infosys up by 1.21% and Larsen & Toubro up by 1.05%. On the flip side, Tech Mahindra down by 2.15%, BPCL down by 1.34%, ICICI Bank down by 1.13%, Power Grid down by 1.00% and Hindalco down by 0.90% were the top losers.

Global Signals:

Asian markets were trading mixed; KOSPI Index increased 6.29 points or 0.3% to 2,097.35, Hang Seng increased 67.11 points or 0.29% to 23,568.67 and Nikkei 225 increased 286.03 points or 1.48% to 19,604.61. On the flip side, Taiwan Weighted decreased 30.72 points or 0.32% to 9,627.89, Jakarta Composite decreased 25.19 points or 0.47% to 5,377.20, Shanghai Composite decreased 3.99 points or 0.12% to 3,212.76 and FTSE Bursa Malaysia KLCI decreased 0.64 points or 0.04% to 1,716.78.

All European Markets were trading in red; France’s CAC increased 13.12 points or 0.26% to 4,994.63, UK’s FTSE 100 increased 29.62 points or 0.4% to 7,344.58 and Germany’s DAX increased 41.5 points or 0.35% to 12,019.89.