Indian markets are likely to open positive tracking global indices and SGX Nifty.

The US stock gave back some ground after an early move to the upside but managed to remain mostly positive throughout the trading session on Wednesday. The major averages all reached record intraday highs although only the Nasdaq managed to end the session at a record closing high. The Dow rose 0.3 percent to 26860 and Nasdaq advanced 0.8 percent to 8202.

U.K. stocks were little changed in choppy trade on Wednesday as PageGroup warned of lower profits and the pound firmed up following upbeat growth data. The FTSE 100 was down by 0.1 percent to 7529.

On domestic front Indian shares fell on Wednesday as IT bellwether TCS posted a mixed set of quarterly results and investors awaited Fed chairman Jerome Powells testimony before Congress for further cues on U.S. monetary policy. The benchmark BSE Sensex was down by 0.5 percent to 38557.

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