Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 29 points at the opening bell.
Overseas, most Asian stocks were trading lower on Wednesday after US Federal Reserve officials tempered expectations in the markets for aggressive monetary easing.
U.S. stocks slid lower Tuesday after Federal Reserve Chairman Jerome Powell said the central banks was still monitoring the economy for signs of weakness and would seek to avoid a knee-jerk reaction in terms of cutting benchmark interest rates.
Fed Chair Jerome Powell noted the Fed will take a wait-and-see approach given how rapid recent economic changes have been. Powell on Tuesday also said the central bank is insulated from short-term political pressures, pushing back against U.S. President Donald Trump's demand for a significant rate cut.
Meanwhile, investors looked toward developments on the U.S.-China trade front, with presidents Donald Trump and Xi Jinping set to meet at the G-20 summit later this week. Investors are also watching the Middle East, with continuing tensions between the U.S. and Iran. Iran said Trump's decision Monday to impose additional sanctions on Iran had closed the door to diplomatic negotiations.
Back home, key equity indices snapped two-day fall yesterday, 25 June 2019, backed by strength in oil & gas shares. The key barometer, the S&P BSE Sensex, rose 311.98 points or 0.80% to 39,434.94. The Nifty 50 index rose 96.80 points or 0.83% to 11,796.45.
The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 1,157.87 crore yesterday, 25 June 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 377.22 crore yesterday, 25 June 2019, as per provisional data.