The domestic markets are likely to open in the green, after the cut of 2 per cent in the previous session, following positive global cues. The US market closed higher, Asian markets are firm in early trading and trends on SGX Nifty also indicate a positive opening for the index in India, with a 85 points gain. At 7:30 am, the Nifty futures were trading at 10,698, higher by 85 points or 0.8 per cent, on the Singapore Stock Exchange.
Asian markets appeared set to shake off heightened tensions between the United States and China and the spread of coronavirus, with stock futures pointing to early gains on Wednesday.
Australian S&P/ASX 200 futures rose 0.47 per cent in early trading, Japan’s Nikkei 225 futures were up 0.7 per cent, and Hong Kong’s Hang Seng index futures rose 0.46 per cent.
Wall Street surged on Tuesday, with the Dow Jones Industrial Average ending more than 2 per cent higher as investors bought energy and materials stocks and looked beyond a recent rise in coronavirus cases.
The Dow Jones surged 2.13 per cent, while the S&P 500 gained 1.34 per cent and Nasdaq Composite added 0.94 per cent.
Meanwhile, oil prices rose on Wednesday after a sharp drop in U.S. crude inventories, with the market waiting for more direction from a meeting later in the day on the future level of production by OPEC and its allies.
Brent crude futures were up 10 cents, or 0.2 per cent, at $43 a barrel as of 0049 GMT, and U.S. West Texas Intermediate (WTI) crude futures rose 14 cents, or 0.4 per cent, to $40.43 a barrel.
On the corporate front, Reliance Industries will have its 43rd Annual General Meeting (AGM) in the evening through video conferencing. A virtual AGM is the first of its kind for Reliance Industries.
Infosys, the country’s second-largest IT services provider, will be in the limelight as it is due to announce its June quarter results during the day.
The Wipro counter will also see action as the Information technology major, post market hours on Tuesday, reported that its consolidated net profit for the June quarter was flat at Rs 2,390 crore as against Rs 2,388 crore for the corresponding quarter a year ago.
The benchmark equity indices S&P BSE Sensex and NSE Nifty 50 fell nearly 2 per cent on Tuesday as rising COVID-19 cases in the country and weak global cues rattled investors’ sentiment. The Sensex fell 661 points to close at 36,033 and Nifty 50 index dropped 193 points to settle at 10,610.