The Nifty 50 index is seen opening above its important psychological level of 17,100 as indicated by the Nifty Futures on Singapore Exchange. The Nifty futures on Singapore Exchange also known as the SGX Nifty futures rose 6 points to 17,131. Meanwhile, Asian shares gave up some of their recent gains in cautious trading on Wednesday while the dollar inched back from three-week lows, as worries about slowing global growth in several markets returned to weigh on traders' minds.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.40 per cent, edging off a three-week high reached the day before.
Overnight, a gauge of global equities posted its seventh consecutive month of gains and a record closing high on Tuesday, but stocks and the dollar mostly ended the day little changed after U.S. and Chinese economic data suggested slower growth ahead.
Back home, the country's gross domestic product expanded 20.1 per cent in April-June, the first quarter of financial year, compared with the same period a year earlier, driven mainly by manufacturing and construction, the statistics ministry said on Tuesday.
Foreign institutional investors bought shares worth Rs 3,882 crore while domestic institutional investors sold shares worth Rs 1,872 crore on Tuesday.
Wipro shares will be in focus after the company informed exchanges that it has partnered with HERE to provide location-based services and analytics for customers globally.
Shoppers Stop will be in focus after the company said that it has closed the sale of controlling stake in Crossword Bookstores at a valuation of Rs 41.62 crore. The sale of the Crossword Bookstores is consistent with the company's strategic plans, which is to focus on its core business and expand its strategic pillars.