Market may open higher

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 91 points at the opening bell.

Overseas, Asian stocks were trading mixed on Wednesday as investors adopted a more cautious stance as attention turned to the U.S. Federal Reserve, which wraps up its two-day meeting later on Wednesday.

In economic data, China's inflation data for May missed street expectations. Its producer price index for May fell 3.7% from a year earlier, according to China's National Bureau of Statistics. Meanwhile, its consumer price index rose 2.4% year-on-year in May.

In US, the S&P 500 and Dow fell on Tuesday, pausing after recent strong gains as focus shifted to the Federal Reserve, while the Nasdaq ended at an all-time high for a second straight day after briefly rising above the 10,000 mark for the first time. Shares of online used-car seller Vroom Inc. soared 117.7% Tuesday, the first trading day after the company's initial public offering, ending at $47.90.

The Dow Jones Industrial Average fell 300.14 points, or 1.09%, to 27,272.3, the S&P 500 lost 25.21 points, or 0.78%, to 3,207.18 and the Nasdaq Composite added 29.01 points, or 0.29%, to 9,953.75 after briefly touching an all-time intraday high of 10,002.50.

Back home, the market ended with steep losses on Tuesday, due to profit selling after recent run up in share prices. Correction in index pivotals Reliance Industries, HDFC bank and ICICI Bank put pressure on bourses. The barometer S&P BSE Sensex fell 413.89 points or 1.20% at 33,956.69. The Nifty 50 index fell 120.80 points or 1.19% at 10,046.65.

Foreign portfolio investors (FPIs) bought shares worth Rs 490.81 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 733.33 crore in the Indian equity market on 9 June, provisional data showed.

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