The short answer is no. Indexes in Hive are not recommended.

The reason for this is ORC. ORC has build in Indexes which allow the format to skip blocks of data during read, they also support Bloom filters. Together this pretty much replicates what Hive Indexes did and they do it automatically in the data format without the need to manage an external table ( which is essentially what happens in indexes. ). I would rather spend my time to properly setup the ORC tables.

Again shameless plug:

http://www.slideshare.net/BenjaminLeonhardi/hive-loading-data