Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 21 points at the opening bell.
Overseas, Asian stocks are mostly trading higher on Wednesday after a strong Wall Street session in which the S&P 500 hit an all-time high, rebounding from huge losses caused by the coronavirus pandemic.
In US, the S&P 500 closed at a record high on Tuesday, rebounding from huge losses triggered by the coronavirus pandemic. Amazon, which rose 4.1%, was the largest gainer in the S&P 500. Strong sales growth was reported by major U.S. retailers including Walmart, Kohl's and Home Depot. Meanwhile, Nasdaq clocked a record closing high.
The Dow Jones Industrial Average fell 66.84 points, or 0.24%, to 27,778.07, the S&P 500 gained 7.79 points, or 0.23%, to 3,389.78 and the Nasdaq Composite added 81.12 points, or 0.73%, to 11,210.84.
Minutes from the Federal Reserve's recent meeting due on Wednesday may provide some insight into how the central bank sees the recovery playing out. The Fed has cut rates to near zero to bolster business through the pandemic.
Data on Tuesday showed U.S. homebuilding accelerated by the most in nearly four years in July in the latest sign the housing sector is emerging as one of the few areas of strength in an economy suffering a record slowdown. That further added to market optimism.
Back home, key equity benchmarks ended with robust gains on Tuesday, supported by gains in private banks and index heavyweight Reliance Industries. Sentiment was boosted by hopes that the government will spend more to support economy. The barometer index, the S&P BSE Sensex spurted 477.54 points or 1.26% at 38,528.32. The Nifty 50 index jumped 138.25 points or 1.23% at 11,385.35.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,134.57 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 379.38 crore in the Indian equity market on 18 August, provisional data showed.
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