The Indian equity benchmarks are set to stage a gap up opening on Wednesday on the back of strong global cues. The Nifty futures on Singapore Exchange also known as the SGX Nifty advanced 62 points to 15,832 indicating that Nifty would open above its important psychological level of 15,800. Meanwhile, other Asian markets were trading higher after US markets rebounded on Tuesday as Federal Reserve Chairman Jerome Powell vowed not to raise rates too quickly. Japan's Nikkei advanced 0.1 per cent, Hang Seng rose 0.7 per cent, Taiwan Weighted advanced nearly 1 per cent and Straits Times rose 0.2 per cent.
Overnight, Wall Street rebounded Tuesday as Federal Reserve Chairman Jerome Powell vowed not to raise rates too quickly as the dollar and oil gave up earlier gains.
Led by the tech-heavy Nasdaq Composite, Wall Street closed Tuesday higher, bouncing back from a sell-off set off last week by a Fed policy update that suggested officials believed rates would rise more quickly to counter rising inflation.
The Nasdaq closed at another record high, as top-shelf tech companies resumed their growth trajectories.
The Dow Jones Industrial Average rose 68.61 points, or 0.2 per cent and the S&P 500 gained 21.65 points, or 0.51 per cent. to 4,246.44 and the Nasdaq Composite added 111.79 points, or 0.79 percent, to 14,253.27.
Back home, foreign institutional investors sold shares worth Rs 1,028 crore while domestic institutional investors bought shares worth Rs 302 crore on Tuesday, data from NSE showed.
Hero MotoCorp will be in focus after the world's largest two-wheeler maker said that it will undertake price hikes from next month following rising commodity prices.