On Thursday, the benchmark indices Sensex and Nifty 50 -- are likely to rise, based on the signals of the GST Council's decision at midnight on Wednesday to authorize rate reductions for 396 categories.

In Asia markets were trading with a green streak on Wednesday thanks to stock market overnight changes of Indian stock market updates that lifted both S&P 500 and Nasdaq Composite, even as the global economic crisis continues to weigh on investors' confidence.

Nifty closed the session on Wednesday up 135 points to 24,715 (+0.6 percent) due to the strong rise in metal stocks and the optimism regarding the GST Council market impact. Its Nifty Metal index rose 3.1 percent, buoyed by Gift Nifty news to cut down on steel production between 2025 and 26, and an easing U.S. dollar.

Global Market Highlights for Sensex Today

Asian Markets

Asian stocks climbed Thursday, following Wall Street's late earnings driven by tech. Futures of Hong Kong’s Hang Seng index were at 25,332, just below the previous close of 25,343.43.

Gift Nifty Today

The Gift Nifty traded between 24,960 and 24,960, while maintaining the premium of almost 128 points over the previous closing of the Nifty futures. This suggests a solid open in the market for Indian benchmarks.

GST Council meeting

Finance Minister Nirmala Sitharaman on Wednesday September 3, 2013 announced significant changes designed to simplify GST rates. Certain items are now exempted from GST under the zero GST category, and a number of other items have been moved onto lower slabs at 5% or 18%, which are more tax-exempt brackets.

Wall Street Overnight

US markets effect on India mixed on Wednesday. Powered by a second day of optimism in technology stocks, the S&P 500 gained 0.51% on a positive federal court ruling in the Alphabet antitrust case. Its Nasdaq Composite, heavily tilted towards technology, rose 1.03 percent to close at 21,497.73. The Dow closed 24.58 points (0.05%) lower at 45,271.23.