The Indian equity benchmarks are set to open higher as indicated by Nifty futures traded on Singapore Exchange. SGX Nifty futures rose 65 points to 14,779. In yesterday’s session, the Sensex and Nifty snapped their five-day inning streak led by gains in Reliance Industries after the company said that it will get approval by second quarter of next fiscal to demerge its oil-to-chemicals business.
Meanwhile, a gauge of global equity markets rebounded in a late-session rally on Tuesday after US Federal Reserve Chair Jerome Powell calmed fears of rising interest rates that have roiled bonds and helped spur assets linked to expectations of a strong recovery.
Copper, a leading indicator of the economic cycle, touched a 9-1/2 year high before paring early gains, while crude settled near break-even. But oil edged up as the Dow and S&P 500 rose into the black and Tesla recouped most steep losses.
Back home, metal shares will be in focus on the back of rising copper prices in international markets.
Tata Consumer Products will be in focus as the company will replace GAIL India from March 31 in the Nifty 50 basket of shares.