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

The US stocks have moved sharply higher over the course of the trading day on Wednesday more than offsetting the steep losses posted in the previous session. The major averages moved significantly higher early in the session and saw further upside as the day progressed. The Dow spiked 4.5 percent to 27090 and the Nasdaq soared 3.9 percent to 9018.

UK stocks rallied on Wednesday after the U.S. Federal Reserve delivered a surprise rate cut and a survey showed Britains economy grew at its fastest rate since September 2018 last month on the back of a jump in construction activity. The benchmark FTSE 100 was up by 1.3 per cent to 6802.

On domestic front Indian shares resumed their downward spiral on Wednesday with a weakening rupee on the back of FII selling spree and concerns over a surge in coronavirus cases in India keeping investors on the edge. The benchmark BSE Sensex was down by 0.6 percent

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