The Indian market is set for a positive opening on Wednesday due to strong global cues.
The Singapore-traded SGX Nifty Futures, a key indicator of the Nifty's performance in India, was trading higher by nearly half a percent.
Asian markets were trading higher tracking gains on Wall Street. Nikkei was up by a percent, while Hong Kong's Hang Sang was trading 0.6 percent higher.
South Korea's Kospi traded higher by 0.3 percent. Australian shares on S&P/ASX 200 rose more than 0.7 percent.
Wall Street posted gains after Fed chairman Jerome Powell indicated less bullish stance on US monetary policy in his senate testimony. The Dow Jones industrial average added 55.53 points to 25,119.89, posting its fourth straight advance.
The S&P 500 closed up by 11.12 points to 2,809.55, on advances in the materials sector, technology and consumer-staples shares. The Nasdaq composite Index advanced 49.40 points to close at 7,855.12.
A further drop in oil prices could boost oil and energy stocks in Indian markets. Brent futures were down 40 cents at $71.76 a barrel, while WTI crude was down 27 cents at $67.82.
The broader NSE Nifty closed 0.65 percent higher at 11,008.05 on Tuesday, while the benchmark BSE Sensex rose 0.54 percent to 36,519.96 with broad-based gains in nearly all sectors.
Trade sentiment will be tracking PSU Bank stocks, after the government yesterday announced capital infusion of over Rs 11,000 crores in five banks viz, Punjab National Bank, Indian Overseas Bank, Andhra Bank, Corporation Bank and Allahabad Bank. Dairy and steel stocks too are likely to be in focus.
First Published: IST