The equity market today is expected to be guided by stock-specific action, movement of rupee against the US dollar, oil prices, and FII inflows.
That apart, the F&O expiry for March contracts due Thursday will also impact sentiment.
On the global front, the British parliament is due to vote on a series of indicative votes to find a way forward on Brexit on Wednesday.
After falling for two straight sessions, the domestic equity market made a solid comeback on Tuesday. The S&P BSE Sensex rallied 425 points or 1.12 per cent to settle at 38,233.41, while NSE's Nifty50 index closed at 11,483, up 129 points or 1.14 per cent.
Asian shares slipped on Wednesday, giving up their small gains made the previous day, as investors tried to come to terms with a sharp shift in US bond markets and the implications for the world’s top economy.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.2 per cent while Japan’s Nikkei lost 0.6 per cent.
Oil prices remained supported by supply curbs by the Organization of the Petroleum Exporting Countries plus allies and as Venezuela’s main oil export port and four crude upgraders have been unable to resume operations following a massive power blackout.
STOCKS IN FOCUS
Mindtree, L&T -- The corporate battle between L&T and Mindtree entered the next phase on Tuesday with the construction-to-engineering major issuing a public statement on its open offer, which will start on May 14, while the board of the Bengaluru-headquartered firm decided to drop its buyback plan.
Jet Airways -- Jet Airways is putting together a plan to restore its flight schedule, following an emergency funding from lenders and by April-end it will have an additional 40 planes in operation, according to a Business Standard report.
Punjab National Bank: RBI ihas mposed Rs 2 crore fine on PNB for flouting SWIFT rules
Unitech: The company has sold power transmission business to Sterling and Wilson
Allahabad Bank: State-owned Allahabad Bank Tuesday said it would raise up to Rs 4,000 crore equity capital by various means including public issue.
ICICI Prudential: The offer for sale of ICICI Prudential saw subscription of 3.9 times. Investors bid for 210 million shares against 53.26 million shares on offer.