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 Friday adding to the gains posted in the previous session. With the continued upward move the major averages reached their best closing levels in over a month. The Dow soared 3 percent to 24242 and the Nasdaq jumped 1.4 percent to 8650.
UK stocks rallied on Friday as investors brushed aside weak GDP data from China to focus on the most promising results against the new coronavirus. The FTSE 100 was up by 2.8 percent to 5788.
On domestic front Indian shares soared on Friday with banking auto and IT stocks leading the surge after the Reserve Bank of India (RBI) reduced its reverse repo rate and ramped up support measures to address some of the liquidity problems faced by NBFCs MFIs and state governments amid the coronavirus crisis. The benchmark BSE Sensex was up by 3.2 per cent to 31589.
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