Stocks may open higher

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 46 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Wednesday. China's consumer inflation declined in January, according to the country's National Bureau of Statistics which reported the consumer price index slipped 0.3% from a year ago. The NBS also reported the producer price index rose 0.3% year over year in January.

In US, Nasdaq extended their runs to fresh highs on Tuesday, as strong earnings and economic recovery prospects buoyed investor sentiment. The S&P 500 and Dow ended slightly lower, however, breaking their six-day streak of gains, as investors rotated out of large-cap tech names into other sectors.

Lawmakers in Washington appear to be moving closer to another economic relief bill. House Democrats unveiled the details of a relief proposal that included $1,400 direct checks with faster phase-outs than previous bills.

President Joe Biden on Tuesday met with Treasury Secretary Janet Yellen and the chief executives of some of the country's largest businesses in the Oval Office to discuss his $1.9 trillion stimulus plan and the outlook for the economy.

Domestic markets:

Back home, domestic equity benchmarks reversed intraday gains and ended almost flat after a volatile session on Tuesday. The barometer index, the S&P BSE Sensex, fell 19.69 points or 0.04% to 51,329.08. The Nifty 50 index lost 6.50 points or 0.04% to 15,109.30.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,300.65 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,756.24 crore in the Indian equity market on 9 February, provisional data showed.

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