Markets are expected to open higher on back of firm global cues and easing oil prices. The Nifty futures on the Singapore Exchange surged 13 points, at 5550.
Oil prices pulled back with Brent crude falling over 2% to $122.63/bbl after reports that OPEC would increase production to put on a lid on rising prices.
US markets ended in the green buoyed by softening crude prices and profit forecast from Bank of America. The Dow Jones industrial average gained 1%, The Standard & Poor's 500 Index added 0.9% and the Nasdaq Composite Index rose 0.7%.
Asian markets were also trading higher following firm overnight cues from the Wall Street. China's Shanghai Composite gained 0.3% on reports that the Chinese Central Bank has reversed the previous rise in reserve requirements. Hong Kong's Hang Seng also advanced 0.6% led by gaining in Chinese Banks on rosy earnings outlook of Chinese Banks. Japan's Nikkei 225 rallied 1% on back of strengthening dollar and gains in exporter shares.
Back in India, markets ended in the green on Tuesday and are expected to continue the positive momentum. The index closed the bearish gap of Monday and regained strength above 500 level. Edelweiss in the morning note said, "Broadly the index has formed a trading range between 5400-5650 with an upward bias; hence one can look to look to initiate long trades at current levels."
