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Indian Indices: Indian equity benchmarks held firm trade in late afternoon session on optimism about a normal monsoon and healthy buying in Realty, Healthcare and Power stocks. Traders took encouragement with Moody's Investors Service’s latest report that a number of wide-ranging reforms initiated by the government would gradually ease the country's high debt burden, if implemented successfully. The agency also noted that demonetization & financial inclusion efforts will help broaden the tax base, while expenditure reforms will enhance spending efficiency and the Aadhaar identification system can help reduce fiscal leakage. 

Some support also came with NITI Aayog vice chairman ArvindPanagariya’s statement that India's 'fragile economy' has been turned around in the last three years and a sustained growth of 8 percent would now be possible within a few years. Meanwhile, markets regulator SEBI has launched an online registration mechanism for mutual funds with effect from June 1 to improve ease of doing business.

The BSE Sensex is currently closed at 31,273.29, up by 135.70 points or 0.44% after trading in a range of 31190.40 and 31332.56. There were 20 stocks advancing against 10 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.71%, while Small cap index was up by 0.60%.

The CNX Nifty is currently shut up at 9653.50, up by 37.40 points or 0.39% after trading in a range of 9637.45 and 9673.50. There were 35 stocks advancing against 16 stocks declining on the index.

Crporate Front: In a view to generate awareness and educate retail partners around GST implications, ASSOCHAM and the leading consumer electronics and home appliances company, Videocon, on Thursday organized the first-of-its-kind GST Summit for traders. The daylong ASSOCHAM VIDEOCON GST Summit for traders witnessed deep discussions around GST, addressing retailers’ queries, and offering them a clearer understanding of the GST concept.

Macroeconomic front: The Union Minister for Finance, Defence and Corporate Affairs, ArunJaitley will chair the 15th Meeting of the GST Council scheduled to be held on Saturday, June 03, 2017 at VigyanBhavan in the national capital, according to a statement released by the ministry of finance. The ministry said that this meeting is important because it is likely to finalize the rates of tax and cess to be levied on the commodities remaining after the fitment exercise in the 14th GST Council Meeting.

On the global front:

On the global front, European markets were trading mixed, as political uncertainty took center stage once again. Asian markets were trading in red. Back home, in scrip specific development, JaiPrakash Associates jumped higher after the company executed a definitive agreement with Orient Cement (OCL), a part of CK Birla Group. The agreement is for acquisition by OCL of company's 74% equity stake in BhilaiJaypee Cement (BJCL) based on an enterprise value of Rs 1,450 crore on a cash free and debt free basis.

Commodity Updates:

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Realty up by 1.39%, Healthcare up by 1.21%, Power up by 0.98%, Consumer Durables up by 0.95% and Telecom up by 0.90%, while Oil & Gas down by 0.31%, Energy down by 0.14% and Metal down by 0.13% were the top losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were Cipla up by 3.25%, Hero MotoCorp up by 3.12%, Adani Ports & SEZ up by 2.73%, Yes Bank up by 2.55% and HDFC up by 1.78%. On the flip side, GAIL India down by 2.12%, Vedanta down by 1.62%, BPCL down by 1.60%, Indiabulls Housing Finance down by 1.24% and Hindustan Unilever down by 1.13% were the top losers.

Global Signals:

Asian markets were trading mostly in green; Shanghai Composite increased 2.92 points or 0.09% to 3,105.54, FTSE Bursa Malaysia KLCI increased 13.03 points or 0.74% to 1,776.14, KOSPI Index increased 27.11 points or 1.16% to 2,371.72, Taiwan Weighted increased 65.11 points or 0.65% to 10,152.53, Hang Seng increased 114.83 points or 0.44% to 25,924.05 and Nikkei 225 increased 317.25 points or 1.6% to 20,177.28. On the flip side, Jakarta Composite decreased 3.69 points or 0.06% to 5,734.46.

All European markets were trading in green; UK’s FTSE 100 increased 25.82 points or 0.34% to 7,569.59, France’s CAC increased 33.56 points or 0.63% to 5,352.23 and Germany’s DAX increased 116.77 points or 0.92% to 12,781.69.