The benchmark indices are likely to start in green as indicated by the trends on SGX Nifty. The Nifty futures were trading around 17,080.50 level on the Singaporean Exchange at 7:20 IST.
The stock benchmarks declined on Monday, dragged by losses in information technology, consumer durables and telecom stocks. Howecer, indices were resilient in the later part of the day as pared the early losses.
The BSE Sensex declined 85 points to 56,976, while the Nifty50 fell 33 points to 17,069 and formed a bullish candle on the daily charts.
The market was shut on May 3 on account of Eid al-Fitr.
That said, the Rs 21,000-crore initial public offer (IPO) of Life Insurance Corporation of India (LIC) will open for subscription today. The LIC policyholders are entitled to Rs 60 discount over the issue price, the retail investors will be offered the issue at a discount of Rs 45 per equity share.
Stocks in focus on Wednesday
Tata Steel, ITC, IndusInd Bank, Godrej properties, Tata Chemicals, HDFC Bank, Adani Wilmar, Titan Company are likely to be in focus on Wednesday.
Britannia Industries Q4 Earnings
FMCG major Britannia Industries Ltd on May 2 reported a 5 percent rise in consolidated net profit at Rs 377.95 crore in the March quarter against Rs 360.07 crore in the year-ago period.
Revenue grew 15.5 percent to Rs 3,508 crore in the fourth quarter, up from Rs 3,038 crore in the same quarter of the previous year.
Hero MotoCorp Q4 earnings
Hero MotoCorp on Tuesday said its consolidated profit after tax (PAT) declined by 30 per cent to Rs 621 crore for the fourth quarter ended March 2022 on account of lower sales.
The country's largest two-wheeler maker had reported a PAT of Rs 885 crore in the January-March quarter of 2020-21 fiscal. Revenue from operations declined to Rs 7,497 crore as against Rs 8,690 crore in the fourth quarter of FY21, Hero MotoCorp said in a regulatory filing.
The company's total sales in the fourth quarter of FY22 stood at 11.9 lakh units, a drop of 24 per cent from 15.68 lakh units in the year-ago period.
Markets ended lower on Monday
The recovery in late trade helped the market curtail significant losses on May 2. Buying in HDFC after quarterly earnings and HDFC Bank supported the market, while technology and auto stocks were under pressure.
Both Sensex and Nifty recovered from day's low and pared most of the day's losses. The Sensex fell 0.15% to 56,975.99. The Nifty also declined by similar magnitude to 17,069.10.
Asian markets were cautious as investors braced for the biggest Federal Reserve interest rate-hike since 2000 and awaited more clues on how pugnaciously it will tackle inflation. Stocks wavered in Asia amid a slide in Chinese technology firms in Hong Kong. Japan and China are closed.
Hong Kong’s Hang Seng index shed 0.68% as shares of Tencent and Alibaba both declined around 2% each.
Elsewhere, the Kospi in South Korea rose 0.1% while the S&P/ASX 200 in Australia gained 0.19%.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded little changed.
Markets in Japan and mainland China are closed on Wednesday for holidays.
Wall Street Ahead Of Fed Meeting
The Dow Jones Industrial Average turned lower Tuesday morning ahead of the Federal Reserve's two-day meeting. The 10-year Treasury yield ticked lower following Monday's new high.
Wall Street stocks were little changed on Tuesday as financial shares rose and megacap growth stocks slid, with investors bracing for a big interest rate hike by the Federal Reserve this week to tame surging prices.
Apple Inc, Meta Platforms, Microsoft Corp and Nvidia Corp fell between 0.3% and 0.4%, weighing on the S&P 500 and the Nasdaq indexes.
Investors picked up shares of financials and technology companies ahead of Wednesday's expected announcement by the Fed.
The Dow Jones Industrial Average rose 67.29 points, or 0.2%, to 33,128.79, the S&P 500 gained 20.1 points, or 0.48%, to 4,175.48 and the Nasdaq Composite added 27.74 points, or 0.22%, to 12,563.76.
Analysts broadly expect the Fed to increase the benchmark lending rate by a half point in a bid to counter inflation.
Oil prices gain
Oil prices rose at the start of Asian trade on Wednesday after industry data showed drawdowns in U.S. crude and fuel stockpiles, raising supply concerns.
The gains come on the back of news from Tuesday that the European Union is working on new sanctions against Russia for waging war on Ukraine that will target Moscow's oil industry.
Brent crude futures rose 90 cents, or 0.9%, to $105.87 a barrel by 0001 GMT. WTI crude futures rose $1.00, or 1%, to $103.41 a barrel.