Market may open with small gains

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 18 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Wednesday ahead of the US Federal Reserve's policy decision.

Japan's retail sales rose 5.2% in March as compared with a year ago, according to government data.

In US, the S&P 500 closed little changed near its record level on Tuesday as investors braced for a big batch of tech earnings.

The Federal Reserve kicked off its two-day policy meeting Tuesday. The central bank is reportedly likely to hold and keep its asset-buying program in place at the same levels for the rest of 2021, despite growing concerns about an overheating economy.

Consumer confidence climbed sharply to hit a pandemic high with The Conference Board's index jumping to 121.7, the highest since February 2020.

Domestic markets:

Back home, domestic equity indices rallied for the second session on Tuesday. The barometer index, the S&P BSE Sensex, jumped 557.63 points or 1.15% at 48,944.14. The Nifty 50 index added 168.05 points or 1.16% at 14,653.05.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,454.75 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,463.44 crore in the Indian equity market on 27 April, provisional data showed.

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