Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 11.50 points at the opening bell.
Overseas, Asian shares were mixed on Wednesday on the back of concerns over the state of ongoing US-China trade negotiations, amid reports that the White House had canceled a trade planning meeting with Beijing this week.
The Bank of Japan is scheduled to issue its statement on monetary policy later today, with interest rates expected to be left unchanged.
US stocks closed lower Tuesday, snapping a four-day winning streak, as trade woes and fresh concerns over the state of the global economy greeted investors returning from the long holiday weekend.
Shares dropped following a media report which said the US had canceled a trade meeting with Chinese officials due to a lack of progress in areas including "forced" technological transfers and economic reforms. However, the market trimmed its losses late in the session after White House adviser Larry Kudlow reportedly denied that the US rejected China's overtures.
Investors also digested a fresh round of corporate earnings and paid close attention to management commentary on the global economic outlook. Meanwhile, a partial US government shutdown stretched into its 32nd day on Tuesday.
On US data front, existing-home sales fell to a seasonally adjusted annual rate of 4.99 million in December, their lowest in three years, according to the National Association of Realtors.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 78.53 crore on Tuesday, 22 January 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 84.15 crore on Tuesday, 22 January 2019, as per provisional data.
Local stocks settled with modest losses on Tuesday, 22 January 2019, as investors booked profits after a five-day rally. The barometer index, the S&P BSE Sensex, fell 134.32 points or 0.37% to settle at 36,444.64. The Nifty 50 index fell 39.10 points or 0.36% to settle at 10,922.75. Global stocks fell amid concerns on slowing global growth after International Monetary Fund (IMF) slashed its world economic forecast.
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