A late-session rally pushed Wall Street to solid gains overnight. The Dow Jones rose 1 per cent, the S&P 500 gained 0.82 per cent, and the Nasdaq Composite added 0.6 per cent.
Asian stocks followed Wall Street's lead. Japan’s Nikkei was 2 per cent higher and Australian ASX 200 rose 1.1 per cent in Wednesday's early trading.
In commodities, oil prices climbed more than 3 per cent overnight on hopes that major crude producers will agree in Thursday's meeting to extend output cuts. Brent crude was last trading at $40.24 a barrel.
Meanwhile, India's coronavirus tally crossed the 2 lakh-mark yesterday. The Indian Council of Media Research has said that India is far from the peak of Covid-19 even though the Health Ministry on Tuesday asserted that the coronavirus recovery rate is continuously improving.
The Street will also react to the corporate results announced post market hours yesterday. Private airline IndiGo reported a net loss of Rs 870.8 crore for the March quarter as compared to a Rs 596 crore profit in the year-ago quarter. This was largely because air travel remained severely disrupted during the quarter due to the Covid-19 outbreak.
Britannia Industries reported largely in-line numbers for the quarter under review, despite the lockdown hitting revenue and profit growth by 7-10 per cent. Overall, Britannia's consolidated net profit rose 26.5 per cent to Rs 372.35 crore helped by a lower tax outgo.
A total of 15 companies including Aurobindo Pharma, BPCL, and Cholamandalam Investment are scheduled to announce their March quarter results today.
Investors will also keep a keen eye on the PMI Services data for May which will be announced later in the day.
And, in the end, some other top news.
Anil Ambani-promoted Reliance Infrastructure has defaulted to the tune of Rs 3,315 crore. The company’s annual report for FY20 stated that it has defaulted on payments of both interest and principal to various lenders.
Tata Motors' stock could be active in today's session after the company announced that it has resumed operations across all its manufacturing plants in the country.
And, Nearly 70 per cent of the listed universe could now be part of the MSME category after the Union Cabinet approved the revised MSME definition, an analysis of their sales data showed. The Cabinet had cleared reclassification of medium-scale companies as those with Rs 50 crore investment and Rs 250 crore of turnover.
Read by Kanishka Gupta