The markets are likely to be positive on Thursday tracking positive triggers. The US Federal Reserve held interest rates steady and signalled little appetite to adjust them any time soon, taking heart in continued job gains and economic growth and the likelihood that weak inflation will edge higher.

"We think our policy stance is appropriate at the moment; we don't see a strong case for moving it in either direction," Fed Chairman Jerome Powell said in a press conference following the end of the central bank's latest two-day policy meeting.

Asian markets marked time with two major centres - Japan and China - shut for holidays while the dollar held on to overnight gains after the US central bank poured cold water on rate cut expectations. Trading in Japan will resume next Tuesday while China will be back in action on Monday.

Back home, revenue from goods and services tax (GST) saw a 10% growth from the year-ago period at 1.13 trillion in April, the highest ever since the implementation of the indirect tax system on 1 July 2017, the finance ministry said on Wednesday.

The rise in tax collections in April (for domestic sales in March) can also be partially attributed to the year-end phenomenon, when taxpayers pay their arrears.

Stock specifically, Maruti Suzuki shares will be in focus today as it reported a decline of 17.2% year-on-year (YoY) in April 2019 sales at 143,245 units. The company had sold 172,986 units in April last year, Maruti Suzuki said in an official statement.

Among currencies, dollar index held at 97.631 against a basket of major currencies after going as high as 97.728 on Wednesday. It stood at 111.49 yen after consistently easing from a four-month high of 112.39 touched last week.

In commodities, oil prices declined after data showed US crude production output set a new record last week but the losses were capped by the intensifying crisis in Venezuela and the stopping of Iranian oil sanction waivers by Washington.

Outside the United States, however, oil markets remained tense as all exemptions to US sanctions on Iran expire, the political crisis in Venezuela escalates, and as producer club OPEC keeps withholding supply.

Spot Brent crude futures, the international benchmark for oil prices, were at $72.09 per barrel down 0.1%, from their last close.

(Reuters contributed to the story)