Market could remain volatile as traders roll over positions in the F&O segment from the near month May series to June series. The May 2020 F&O contracts expire today, 28 May 2020.

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 75 points at the opening bell.

Overseas, Asian stocks were trading higher on Thursday on the back of an overnight surge on Wall Street as optimism over the reopening of economies buoyed investor sentiment.

Japanese Prime Minister Shinzo Abe's cabinet approved on Wednesday a new $1.1 trillion stimulus package that includes significant direct spending, to stop the coronavirus pandemic pushing the world's third-largest economy deeper into recession.

In US, stocks rose on Wednesday, with the S&P 500 closing above 3,000 for the first time since March 5, as the further easing of lockdowns lifted optimism for an economic recovery. Shares of previously beaten-down travel companies saw strong gains on Tuesday and Wednesday.

Developments on U.S.-China relations likely continued to be monitored by investors, as tensions between the two economic powerhouses mount.

U.S. Secretary of State Mike Pompeo told Congress on Wednesday that Hong Kong was no longer autonomous from China, raising questions over the special administrative region's favorable trade relationship with the U.S. as well as opening up the possibility of sanctions on Chinese officials. Pompeo's comments came following the proposal of a national security law from Beijing that has spurred protests in Hong Kong.

US President Donald Trump said Tuesday he plans to make an announcement by the end of the week regarding China's efforts to impose new security laws that would undercut Hong Kong's autonomy. And China's Foreign Ministry said on Wednesday it would strike back at the U.S. if it took any action over the security laws.

The House of Representatives on Wednesday also passed legislation condemning China for the detention and torture of Uighur Muslims in the country's western region of Xinjiang.

Meanwhile, New York Federal Reserve Bank President John Williams said the central bank was thinking hard about the possibility of targeting bond yields to keep U.S. borrowing costs low. St. Louis Fed President James Bullard also said policy makers should consider incentives to get workers back to their jobs, rather than expanding unemployment pay, as the recovery takes hold.

Back home, key barometers witnessed a blockbuster rally on Wednesday, led by a surge in banks shares. The barometer S&P BSE Sensex jumped 995.92 points or 3.25% at 31,605.22. The Nifty 50 index surged 285.90 points or 3.17% at 9,314.95.

Foreign portfolio investors (FPIs) sold shares worth Rs 334.74 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,408.85 crore in the Indian equity market on 27 May, provisional data showed.