Market may open higher

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 35 points at the opening bell.

Overseas, Asian stocks are trading lower on Wednesday as investors await the U.S. Federal Reserve's interest rate decision.

In US, stocks indexes closed lower Tuesday, as tech shares were under pressure and lawmakers continued their debate over the next coronavirus relief package. Shares of Amazon slipped 1.8% and Netflix declined by 1.4%. Alphabet shares fell 1.7%. Facebook shares dipped 1.5% and Apple closed 1.6% lower.

A plan unveiled by Senate Republicans would include relief for jobless Americans, another direct payment to individuals of up to $1,200, and more Paycheck Protection Program small business loan funds, among other provisions. It would also set federal unemployment insurance at 70% of a worker's previous wages, replacing the $600 per week which states stopped paying out this week.

On the vaccine front, Moderna Inc. kicked off its late-stage trial while Pfizer Inc and BioNTech entered late-stage trials of their candidates also.

The Federal Reserve also began a two-day policy meeting on Tuesday that's unlikely to result in much action, but is expected to see Chairman Jerome Powell underline a willingness to take further action to support the economy and maintain easy financial conditions.

The Fed on Tuesday announced that its board of governors had decided to extend until the end of the year several emergency loan programs that had been set to expire on Sept. 30.

In U.S. economic data, the Conference Board's consumer-confidence index fell to 92.6 in July from a revised 98.3 reading in June. The measure of how consumers feel about the economy right now actually rose to 94.2 in July from 86.7, but the subindex that gauges expectations about the future fell to a four-month low 91.5 from 106.1 in June.

Back home, key benchmarks ended with robust gains on Tuesday amid broad-based buying support. Auto and IT shares were in demand. Strength in index pivotal TCS pushed the barometers higher. The barometer index, the S&P BSE Sensex rallied 558.22 points or 1.47% at 38,492.95. The Nifty 50 index added 168.75 points or 1.52% at 11,300.55.

Foreign portfolio investors (FPIs) bought shares worth Rs 245.95 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,017.40 crore in the Indian equity market on 28 July, provisional data showed.

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