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Markets are likely to open marginally higher, amid firm Asian cues, after recent economic data showed that the Indian economy is back on the growth track.
At 8:30AM, the early indicator, SGX Nifty was up 11 points at 8,137.
On the global front, Asian shares were trading higher with Hang Seng rebounding after lacklustre movement in the previous sessions. Japanese shares were up on the back of a weaker yen.
The benchmark Nikkei was up 0.8%, while the Hang Seng was up over 1%. Chinese shares were up 0.7% while Singapore's Straits Times was trading marginally higher by 0.2%.
Major US stock markets ended lower on Tuesday, shrugging off robust manufacturing data, as investors booked profits in energy shares on the back of declining crude oil prices.
Manufacturing activity in the US surged to a three-and-half year high in August and construction spending rebounded in July. National factory activity increased to 59.0 in August, the highest since March 2011, from 57.1 in July. The Dow Jones ended down 0.2% at 17,067.56, the broader S&P 500 closed 0.05% down at 2,002.28 and the tech-laden Nasdaq ended down 0.4% at 4,598.19.
STOCKS TO WATCH
Oil marketing companies such as HPCL, BPCL and IOC will be in focus after global crude oil prices are on the decline.
Tata Consultancy Services (TCS), HCL Technologies and HDFC Bank will be in focus after they were selected among the the 50 best public companies in Asia-Pacific according to a compilation by Forbes, which ranked India second behind China as home to the "world's next growth engines".
United Spirits Ltd will be in focus ahead of the Board Meeting later today to consider the audited Financial results of the Company for the year ended March 31, 2014 and recommendation of Dividend, if any.
Cement stocks may extend gains on hopes of revival in demand as construction activity picks up steam with the monsoon season coming to an end.
Pune-based Deepak Fertilisers, which has been trying for over a year to gain management control of Mangalore Chemicals & Ferilizers, a company promoted by Vijay Mallya's UB Group, is now planning to come up with a revised open offer price for the fertiliser company's shares.
SpiceJet promoters are planning to hike their stake in the airline by 10%. The additional stake buy will cost the promoters Rs 312 crore.
