The U.S. economy shrank at a 0.3% annual pace from January through March, the first drop in three years. It was slowed by a surge in imports as companies in the United States tried to bring in foreign goods before President Donald Trump imposed massive tariffs.

Gift Nifty futures were trading at 24,484.5 as of 7:16 am, showing that the Nifty50 is likely to start the day higher than Monday's closing level of 24,328.5.