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

The US stocks showed a substantial turnaround over the course of the trading session on Wednesday recovering from an early selloff to end the day mostly higher. The major averages all climbed into positive territory although the Dow pulled back below the unchanged line going into the close. The Dow ended down by 0.1 percent to 26007 while the Nasdaq climbed 0.3 percent to 7862.

U.K. stocks moved higher Wednesday morning although the banking sector exhibited weakness after a few big European banks reported weak results and warned of tough times in forthcoming quarters. The FTSE 100 was up by 0.6% to 7231.

On domestic front Indian shares ended notably lower on Wednesday despite the Reserve Bank of India announcing a biggerthanexpected 35 basis points cut in the repo rate. The benchmark BSE Sensex was down by 0.8% to 36690.

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