Hopes of a trade truce between the US and China is likely to guide investor sentiment on Wednesday.
In a Twitter post, US President Donald Trump said he "had a very good telephone conversation with President Xi of China" and they will be having an extended meeting next week at the G-20 in Japan. Moreover, investors will keenly await the Fed meet outcome due later in the day.
il prices, foreign fund inflow and movement of rupee against the US dollar could also move indices.
On Tuesday, the benchmark S&P BSE Sensex rose 86 points to 39,046 while the broader Nifty50 index climbed 19 points to 11,691.5.
The rupee Tuesday appreciated by 21 paise to close at 69.70 against the US dollar.
Asian share markets jumped on Wednesday as investors hoped that the Federal Reserve would open the door to future rate cuts.
MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.6 per cent while Japan’s Nikkei rose 1.5 per cent. South Korea’s Kospi gained 1.1 per cent.
On Wall Street, indices rallied during the overnight trade on Tuesday. The Dow Jones Industrial Average added 353 points to close at 26,465 while the S&P500 gained 28 points to settle at 2,918. The Nasdaq rallied 109 points to end the session at 7,954.
In the commodities market, oil prices soared during the morning trade. Brent crude futures were up 0.6 per cent, at $62.48 a barrel by 6:00 am. They rose 2 per cent on Tuesday