Domestic stock, bond, commodity and forex markets will remain closed on Thursday on account of Independence day.

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On Wednesday, Indian benchmark indices ended higher on Wednesday, followed by Asian peers, after Washington delayed tariffs on some Chinese imports, bringing some relief to global markets rattled by a bruising trade conflict. The Sensex ended 353 points higher at 37,311 while the broader Nifty50 index surged 103 points to end the day at 11,029.

Among sectors, all indices, except the Nifty Pharma, were positive for the day. The Nifty Media index gained the most, up 2.7 percent, followed by the Nifty Metal, which rose 2.3 percent. The Nifty PSU Bank and the Nifty Pvt Bank rose 1 percent each, while the Nifty PSU Bank index was up 1.5 percent.

Globally, Asian stocks slumped to more than two-month lows in early Asian trade on Thursday, tracking the Wall Street slide as an inverted US bond yield curve sent a flashing warning to investors about rising recession risks.

Yields on 10-year US Treasury notes fell below the two-year yield, intra-day, for the first time since 2007, in what is known as a yield curve inversion and widely seen by investors as a sign that a recession is coming.

Asia shares sank at the open with Japan's Nikkei average tumbling 2.0 percent and Australian stocks falling 1.9 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.4 percent in early trade.

All three major US indexes closed down about 3 percent, with the blue-chip Dow posting its biggest one-day point drop since October, major equity indices in Europe closed down 2 percent or near that while crude prices slumped almost 5 percent at one point.