Thunderstorms are real-time global phenomena, as their occurrence can take place at anytime at any place. Though their duration is less when compared to large scale processes, their damage is devastating to human life. Thunderstorms are linked with damage factors such as lightning, damaging wind, hails and rain. Real-time satellite data provide atmospheric data which is useful for prediction of thunderstorms. In this paper, an attempt is made to analyze the statistical based stability indices from INSAT-3D, MODIS and ECMWF satellites for the now casting of thunderstorms. The occurrences of severe thunderstorms over India and Srilanka during the month of October 2013, 2014 and 2015 have been analyzed. In these three years, five severe thunderstorm cases were identified using Insat-3D cloud images and thunderstorm reports. Atmospheric stability indices such as K Index (KI), Lifted Index (LI), Total Totals Index (TTI), Total Precipitable water (TPW), Humidity Index (HI) related with severe convection system over India and Srilanka during October month were identified to provide guidance for the study of convection and thunderstorm activity. These indices give us a clear indication of development of convective system before 3 to 4 hours. Results of this study indicate the importance of satellite data for studying the development and decay of convective systems