Investors will focus on macro data, corporate results, and global cues on Wednesday even as coronavirus continues to remain a key monitorable for the markets. The World Health Organization has called the coronavirus “public enemy number one" and "a very grave threat". On the other hand, China’s senior medical adviser yesterday said the number of new coronavirus cases was falling in some provinces and forecast the epidemic would peak this month.
On the results front, a total of 486 companies, including Divi's Laboratories, Dish TV, Ashok Leyland, and IRCTC, are scheduled to announce their earnings today.
Apart from that, market participants will eye the IIP and CPI inflation data set to be released today. Also due later in the day is the MSCI India Index Review which may trigger some movement in individual stocks.
Besides, traders will also track the foreign fund flows, the Rupee's trajectory, and oil price movement for further clues.
Asian shares and Wall Street futures nudged higher on Wednesday amid hopes the worst of the coronavirus in China may have passed, although prevailing uncertainty about the outbreak has kept investors wary. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 per cent. Australian shares were up 0.27 per cent, while Japan's Nikkei stock index rose 0.45 per cent.
In the US, the S&P 500 and the Nasdaq inched to their second consecutive record closing highs on Tuesday while the Dow Jones Industrial Average was flat. The SGX Nifty indicated a positive start for Sensex and Nifty today.
In the commodities market, Brent crude futures ticked up 1 per cent to $54.59 a barrel on hopes that Chinese demand for oil will pick up once the flu-like virus is contained.
The Sensex ended Tuesday's session with a gain of 237 points at 41,216 while the Nifty finished at 12,108, up 76 points. Analysts say that traders should accumulate long positions in the Nifty on declines with the stop loss of 11,900 levels for the target of 12,400.