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

The US stocks after sticking to the sidelines in the two previous sessions traders rushed back into the markets in early trading on Thursday amid signs of progress in U.S.China trade talks. The major averages reached new record intraday highs but gave back some ground as the day progressed. The Dow advanced 0.7 percent to 27674 and the Nasdaq climbed 0.3 percent to 8434.

The UK stocks rose Thursday on hopes for a U.S.China trade deal after the Chinese commerce ministry said the two sides have agreed to cancel in phases the tariffs imposed during their monthslong trade war to reach a phase one trade deal. The FTSE 100 was up by 0.4 percent to 7427.

On domestic front Indian markets were modestly higher on Thursday after the government set up a Rs 25000 crore alternative investment fund to revive the housing sector. The benchmark BSE Sensex inched up by 0.5 percent to 40653.

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