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

The US stocks showed a strong move to the upside over the course of the afternoon. The major averages climbed firmly into positive territory moving back within striking distance of last weeks record highs. The Dow climbed 0.7 percent to 27349 and the Nasdaq rose 0.6 percent to 8251.

U.K. stocks rose on Monday as gains in oil prices helped lift energy stocks. As hopes fade for aggressive Fed rate cuts in July investors now await the outcome of tomorrows U.K. leadership election for further direction. The FTSE 100 was up by 0.4 percent at 7541.

On domestic front Indian shares gave up early gains to end marginally lower on Tuesday despite firm cues from other Asian and European markets. The benchmark BSE Sensex fell by 0.1 percent to 37982.

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