Indian markets are poised to extend rally on Wednesday as investors shrugged off global concerns and shifted focus to Union Budget 2017-18 which will be presented on February 1, tracking firm global cues. SGX Nifty is trading 25.00 points higher. The market may some volatility in the holiday shortened week with the January expiry happening a day ahead of Republic Day holiday.
Investors would also react to earnings reports of index heavyweights such as, Kotak Mahindra Bank, Maruti Suzuki and Wipro, which will test the nerves of the traders with their financial results for the quarter ended December 31, 2016.
Japan's Nikkei share average rose on Wednesday, getting a lift from record finishes on Wall Street on hopes the new U.S. administration will push up growth through a spending boost.
The S&P 500 and Nasdaq set record highs on Tuesday in a broad rally led by financial and technology stocks. The advance comes as quarterly earnings season heats up and investors become optimistic that clarity on President Donald Trump's economic policies will be forthcoming.
Europe's earnings season got off to a rocky start on Tuesday with profit warnings from BT Group and Aryzta sending their shares sharply lower.
Major Headlines of the day:
Inox emerges as top bidder for SRS Cinemas acquisition
TTK Prestige partners with SME lending start-up Innoviti Payment
Sun Pharmaceutical Industries is looking to sell its US subsidiary, Ohm Laboratories
Trend in FII flows:The FIIs were net buyers of Rs 93.95 the cash segment on Tuesday while the DIIs were net sellers of Rs 533.49 as per the provisional figures.
UPCOMING RESULTS: ALEMBIC PHARMA, ARVIND, ASHOKLEY, EXIDE, IDFC, IBULREALEST, INDIAN BANK, IRB, MARUTI, KOTAKBANK, RAYMOND, TATAELXI, UPL, WIPRO.