India's stock markets opened positively on Thursday following the trend in global peers that swung higher on the back of the former United States vice-president Joe Biden's big win in the Democratic Party's Super Tuesday primaries, central banks' rate cuts and the World Bank's $12 billion aid package to deal with the coronavirus outbreak.

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The Sensex opened 200 points, or 0.53 percent, higher at 38,612.62, while the Nifty50 surged 67 points, or 0.60 percent, to open at 11,318.

The NiftySmallcap100 index surged the most, up 0.35 percent, while the Nifty Midcap100 index advanced 0.11 percent.

Among sectoral indices, the Nifty Metal index surged 1 percent higher followed by the Nifty PSU Bank.

Vedanta, GAIL, UPL, HCL Technologies and Sun Pharma were the Nifty50 top gainers, while YES Bank, Bharti Infratel, Zee Entertainment, ICICI Bank and M&M led the losses.

Shares of Reliance Communications and PSU banks traded higher in the early morning session after the debt-ridden company's lenders approved a resolution plan. About 38 lenders will recover Rs 23,000 crore of Rs 49,000 crore claimed.

In Asia, shares rallied for a fourth straight session as US markets swung sharply higher and another dose of central bank stimulus offered some salve for the global economic outlook.

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