The Indian equity benchmarks are set to open higher as indicated by the Nifty Futures traded on Singapore Exchange amid positive global cues. The Nifty Futures on Singapore Exchange also known as SGX Nifty Futures rose 0.4 per cent or 63 points to 17,322. Most of the Asian markets were trading hogher following a rally in US shares. Hong Kong's Hang Seng rose 1.63 per cent, Japan's Nikkei advanced 0.9 per cent and South Korea's KOSPI 0.67 per cent.
Overnight, big tech gave major U.S. stock indexes a boost on Tuesday and European shares ended largely unchanged as a sharp fall in oil prices took the shine off bumper profits from oil company BP.
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The euro retreated as the European Central Bank tried to cool interest rate hike expectations.
Wall Street shares shook off a groggy start and early losses as Apple Inc, Microsoft Corp and Amazon.com Inc jumped. Shares of bank stocks including Bank of America Corp, JPMorgan Chase & Co and Wells Fargo added over 1 per cent each ahead of a U.S. inflation reading due this week.
The Dow Jones Industrial Average rose 1.06 per cent to end at 35,462.78 points. The S&P 500 gained 0.84 per cent to 4,521.52. The Nasdaq Composite climbed 1.28 per cent to 14,194.46, news agency Reuters reported.
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Back home, foreign institutional investors continue to sell shares in Indian markets. FIIs sold shares worth Rs 1,968 crore on Tuesday while domestic institutional investors bought shares worth Rs 1,115 crore.
Bharti Airtel will be in focus after its net profit in December quarter declined 2.8 per cent to Rs 830 crore. The company had recorded a net profit of Rs 854 crore in the same period a year ago. Bata India and IRCTC will also be in focus following their December quarter earnings.
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