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

The US market traders shrugged off a report showing a sharp contraction in U.S. economic activity sending stocks sharply higher during trading on Wednesday. The major averages have all surged into positive territory after ending the previous session in the red. The Dow is up 2.2 percent at 24633 and the Nasdaq is up 3.6 percent at 8914.

UK stocks rose on Wednesday to extend gains for the third straight session as investors cheered lockdown easing news as well as upbeat outlooks from AstraZeneca and Standard Chartered. The FTSE 100 was up by 0.9 percent to 6011.

On domestic front Indian shares posted strong gains on Wednesday with benchmark indexes Sensex and the Nifty rising nearly 2 percent to close at their highest levels since March 13 amid hopes that the Modi government will unveil another stimulus package this week to spur the economy. The benchmark BSE Sensex was up by 1.9 per cent

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