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

US stocks saw moderate strength throughout morning trading on Thursday before giving back ground over the course of the afternoon. The major averages pulled back well off their highs before eventually closing mixed for the second straight day. The Dow dipped 52.29 points or 0.2 percent to 27094 while the Nasdaq inched up 5.49 points or 0.1 percent to 8182.

The UK stocks eked out modest gains on Thursday and the pound held steady after data showed U.K. retail sales fell in August defying expectations of zero growth. The FTSE 100 was up by 0.3 percent to 7337.

On domestic front Indian shares slumped on Thursday with selling seen across the board as oil prices rose sharply once again today after a turbulent week. The benchmark BSE Sensex was ended down by 1.3 percent to 36093.

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