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

The US stocks showed another substantial move to the downside during trading on Wednesday. The major averages slid firmly into negative territory with the techheavy Nasdaq pulling back further off the more than twomonth close high set on Monday. The Dow plunged 516.81 points or 2.2 percent to 23247 and the Nasdaq slumped 139.38 points or 1.6 percent to 8863.

UK stocks were moving lower on Wednesday after official data showed the U.K. economy contracted the most since the global financial crisis in 2008 due to the measures adopted to reduce the transmission of the coronavirus. The FTSE 100 was down by 1.2 percent to 5926.

On domestic front Indian shares posted strong gains on Wednesday after Prime Minister Narendra Modi announced a massive new financial package on top of the previously announced measures for a combined stimulus of Rs 20 lakh crore to revive the coronavirushit economy. Th

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