Markets likely to open in green, tracking SGX Nifty

Sensex on Tuesday rallied by 328 points after losing 130 points in early trades and it reclaimed the 26,000-mark to close at about a 4-month high of 26,007. The Nifty soared 107.60 points or 1.37% and closed at 7,962.65, just one point short of its 2016 closing high. The broader markets underperformed the benchmark indices. The BSE Mid-cap index closed above 0.79% and the Small-cap index advanced 0.68%. On currency front, the rupee also recouped by 10 paise to 66.52 against the dollar.

U.S. stocks are closing mostly higher as caution prevailed ahead of a barrage of tech earnings and an updated policy statement from the Federal Reserve. While the Federal Reserve meeting is not expected to unveil any new measures, investors will be hoping for some forward guidance on monetary policy and any future interest rate hikes. The S&P 500 rose 3.91 points, or 0.2%, to close at 2,091.70 and the Dow Jones Industrial Average edged up 13.08 points to close with minimal changes at 17,990.32. While the tech-heavy Nasdaq Composite Index slid 7.48 points, or 0.2%, to close at 4,888.31.

U.S. oil prices settled at a new 2016 high on Tuesday as the dollar fell and traders betting that U.S. oil output would continue to fall. Official U.S. Energy Department inventory data is scheduled to be released Wednesday. WTI rose USD 1.40, or 3.3%, to USD 44.04 a barrel and Brent crude rose USD 1.26, or 2.8%, to USD 45.74 a barrel.

European stock markets rose for the first time in four sessions, aided by a round of well-received earnings' reports. The Stoxx Europe 600 index rose 0.2% to 347.31 after closing at the lowest level in a week on Monday. The U.K.’s FTSE 100 index gained 0.4% to 6,284.52, while France’s CAC 40 index turned lower, ending down 0.3% at 4,533.18.

Asian markets opened in the mix in early trade on Wednesday, ahead of major world Central Bank decisions from the U.S. Federal Reserve, the Bank of Japan (BOJ) and the Reserve Bank of New Zealand in the next two days. Japan’s Nikkei 225 index lost 0.55% while Australia’s S&P/ASX 200 Index gained 0.92% percent after bets surged that the Central Bank will cut interest rates next month. New Zealand’s S&P/NZX 50 Index slipped 0.17%. South Korea’s Kospi index slid 0.17%. China’s Shanghai composite index advanced 0.34%.

On domestic front, A SGX Nifty 50 index future for April series traded up by 7.5 points to 7,972. Indian markets are likely to open upward, tracking SGX Nifty. Investors will be keeping an eye on Bharti Airtel and Yes Bank results due for release today.