Thackeray's son and Shiv Sena executive president Uddhav Thackeray will address the media later in the day to give an update on the 86-year-old's health.
As news of his improving health spread, normal activities resumed after the spontaneous near-total shutdown Thursday. The thousands of Shiv Sena workers who had gathered outside the Thackeray residence Matoshri in Bandra east also began dispersing.
At 11 p.m. Thursday, Uddhav Thackeray informed the restive crowds that his father's condition was stable.
"He is stable and we are doing everything we can...His health is improving...He is better than yesterday...We have still not given up hopes," Uddhav declared before the large crowd of activists and mediapersons.
"We are all praying for him, and it is the strength of our prayers that will see him through this crisis," Uddhav said.
On Thursday, several party leaders had appealed for calm.
Thackeray has been under the care of a team of specialists from Lilavati Hospital at his home. According to party leaders, virtually an ICU had been created at Matoshri with all emergency equipment and medical and para-medical staff on duty round-the-clock.