Indian shares look set to open on a flat note Wednesday after two days of sharp gains. Rising oil prices and weakness in rupee may keep underlying sentiment as investors await cues from the upcoming April 7 monetary policy meeting.
Benchmark indexes Sensex and the Nifty soared over 2 percent on Tuesday to extend their recovery for a second straight session, while the rupee slumped by 87 paise to close at 73.38 against the dollar.
Asian markets are trading mixed this morning as concerns over rising bond yields offset data from China showing that the country's manufacturing activity expanded at the fastest pace in three months in March.
The U.S. dollar hit a fresh one-year high versus the yen and traded near multi-month peaks against other rivals while oil fluctuated ahead of an OPEC+ meeting on Thursday at which the group will decide on output policy.
U.S. stocks ended slightly lower overnight after U.S. Treasury yields hit a 14-month high.
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