Market is seen opening higher, tracking positive leads from Asian markets and overnight gains on the Wall Street. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 34 points at the opening bell.

Overseas, Asian shares were trading higher, tracking overnight gains in the US market following upbeat remarks from Federal Reserve Chairman Jerome Powell during his congressional testimony.

US stocks closed higher on Tuesday, extending a recent upswing after Fed's Powell indicated the US central bank would not move too quickly in changing monetary policy, and that it would be flexible in the face of changing conditions. Traders also digested the latest round of corporate earnings, which came in mixed but nevertheless showed strong growth.

Appearing in front of the Senate Banking Committee, Powell said the best way forward is to keep gradually raising the federal-funds rate for now. In a cautious note, however, Powell said that it is difficult to predict the ultimate outcome of current discussions over trade policy as well as the size and timing of the economic effects of the recent changes in fiscal policy.

On the US data front, industrial production rose 0.6% in June to more than offset a similarly sized decline in May. The National Association of Home Builders' monthly confidence index was unchanged at 68 in July.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 673.99 crore yesterday, 17 July 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 840.06 crore yesterday, 17 July 2018, as per provisional data.

Among corporate news, Ultratech Cement will announce April-June 2018 earnings today, 18 July 2018.

Key benchmark indices ended with modest gains yesterday, 17 July 2018, boosted by a sharp slide in global crude oil prices. The barometer index, the S&P BSE Sensex, gained 196.19 points or 0.54% to settle at 36,519.96. The Nifty 50 index rose 71.20 points or 0.65% to settle at 11,008.05. The Nifty settled above the psychologically important 11,000 mark after crossing that level in intraday trade.

On the political front, the Monsoon Session of Parliament will begin today, 18 July 2018 and will conclude on 10 August 2018. The Session will provide a total of 18 sittings spread over a period of 24 days. Government has listed a substantive legislative business for the session. This includes 48 items, including 46 Bills and two financial matters. The bills prioritised by the government include The Muslim Women (Protection of Rights on Marriage) Bill or the anti-instant triple talaq bill and The Constitution (123rd Amendment) Bill, that gives Constitutional status to the National Commission for Backward Classes.