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Indian Indices: Amid firm global cues, Indian equity benchmarks maintained their early gains in late afternoon session on account of better-than-expected GDP data for the third quarter of current fiscal. Domestic sentiments were buoyed as Nikkei India Manufacturing Purchasing Managers’ Index rose to 50.7 in February from 50.4 in January. Sentiments also got some support with Economic Affairs Secretary ShaktikantaDas’ statement that the positive effects of demonetisation will be visible from April and the completion of remonetisation process will drive consumption going forward. 

However, upper side remained capped with a report that the Centre’s fiscal and revenue deficits between April and January exceeded the Budget target for 2016-17. The fiscal deficit shot up to 5,64,192crore, amounting to 105.7 per cent of the Budget estimate, between April 2016 and January 2017.

The BSE Sensex is currently closed at 28,839.79, down by -144.70 points or -0.50% after trading in a range of 28984.07 and 29145.62. There were 15 stocks advancing against 14 stocks declining on the index, while 1 stock remained unchanged.The broader indices were trading in red; the BSE Mid cap index was down by 0.70%, while Small cap index was down by 0.72%.

The CNX Nifty is currently shutdown at 8899.75, down by 46.05 points or 0.51% after trading in a range of 8898.60 and 8950.25. There were 29 stocks advancing against 22 stocks declining on the index.

Crporate Front: Global credit rating agency Moody's Investors Service on Thursday said the performance of Indian auto-backed securities (ABS) is not expected to deteriorate post March 2017.In a statement, Moody's said after worsening immediately after demonetisation last November the performance of rated Indian ABS levelled off in January 2017.

Macroeconomic front: Moody's Investors Service, the world’s leading rating agency, has said the performance of rated Indian auto asset backed securities (ABS) leveled off in January 2017 after worsening immediately after demonetization. The agency expects auto ABS performance to not deteriorate beyond March 2017, as the economy recovers, and oil prices remain range-bound and budget policy initiatives provide support. Signs of stabilization appeared in January 2017, with collection efficiency rising half a percentage point to 93 per cent from December 2016.

On the global front:

On global front, European markets were trading mixed as investors took a breather after a strong rally on Wall Street and focused on earnings and political instability. Asian markets were trading in green tracking the strong gains overnight on Wall Street after U.S. President Donald Trump's address to a joint session of Congress. Back home, in scrip specific development, BL Kashyap& Sons traded higher after the company secured new orders worth approximately Rs 431 crore.

Commodity Updates:

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Auto up by 0.82%, Industrials up by 0.45%, Capital Goods up by 0.40%, Metal up by 0.18% and IT up by 0.11%, while Realty down by 2.88%, Telecom down by 1.41%, Healthcare down by 0.93%, Utilities down by 0.89% and Power down by 0.88% were the top losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were Tata Motors up by 3.22%, Tata Motors - DVR up by 3.19%, Ultratech Cement up by 2.81%, Bajaj Auto up by 2.13% and Hero MotoCorp up by 1.97%. On the flip side, Idea Cellular down by 2.74%, BPCL down by 2.36%, Sun Pharma down by 2.34%, BhartiAirtel down by 1.96% and Yes Bank down by 1.51% were the top losers.

Global Signals:

Asian markets were trading mostly in green; KOSPI Index increased 11.01 points or 0.53% to 2,102.65, Taiwan Weighted increased 17.02 points or 0.18% to 9,691.80, FTSE Bursa Malaysia KLCI increased 18.47 points or 1.09% to 1,716.16, Jakarta Composite increased 57.03 points or 1.06% to 5,420.09 and Nikkei 225 increased 171.26 points or 0.88% to 19,564.80. On the flip side, Hang Seng decreased 48.42 points or 0.2% to 23,728.07 and Shanghai Composite decreased 16.9 points or 0.52% to 3,230.03.

European Markets were trading mixed; France’s CAC increased 1.71 points or 0.03% to 4,962.54 and UK’s FTSE 100 increased 6.7 points or 0.09% to 7,389.60. On the flip side, Germany’s DAX decreased 17.85 points or 0.15% to 12,049.34.