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

The US stocks moved sharply higher over the course of the trading day on Wednesday extending the upward move seen in the previous session. With the continued advance the Nasdaq and the SP 500 once again reached new record closing highs. The Dow spiked 1.6 percent to 29100 and the Nasdaq jumped 1 percent to 12056.

UK stocks rose sharply on Wednesday with sentiment boosted by solid manufacturing indicators from the United States and elsewhere as well as hopes for progress in talks on additional U.S. fiscal stimulus. Therefore FTSE 100 was up by 1.7 percent to 5964.

On domestic front Indian shares rose on Wednesday tracking positive global cues as encouraging U.S. Chinese and European manufacturing data fueled optimism of a recovery from the coronavirus pandemic. The benchmark BSE Sensex was up by 0.5 percent to 39086.

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