Sensex and Nifty are set to open up on Wednesday in line with Asian stocks following a strong show after faster industrial activity in Europe and robust earnings of US companies cheered investors.
However, the expiry of the February series derivatives (F&O) may keep intraday trade choppy.
On Tuesday, Nifty and Sensex finished 0.32-0.35% higher on bullish sentiment and as heavy-weight Reliance Industries unveiled a new plan for its telecom arm Jio from April after roping in 100 million subscribers with freebies within 170 days.
In the US, the Dow closed up 0.6% on Tuesday after strong earnings reports from Wal-Mart and Home Depot.
On Wednesday, MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.1% taking its cues from the world stock index rising to an all-time peak of 446.21 overnight. Nikkei was down 0.3% while Kospi was up 0.15%.
The dollar stabilised after with the dollar index against a basket of major currencies hovering at about 101.400 after two Federal Reserve officials indicated further rate hikes this year while euro eased to $1.0526 on political uncertainties in France.
Global crude oil prices rose on OPEC’s expectation that major producers like Russia will stick to the output cut deal.