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Markets are likely to turn volatile after making a positive opening tracking global cues.
The rupee movement and further steps by the government along with global developments related to stimulus withdrawal in the U.S. will gauge the near-term direction of the market.
At 800 hrs Indian Standard Time the SGX Nifty was down 16 points at 5,693.
According to technical experts, the Nifty may seek support around 5,650-5,620, while face resistance around 5,645-5,665.
U.S. stocks rebounded after a Fed official said the economic picture is too mixed for the U.S. central bank to detail its exit strategy from massive stimulus. Dow Jones, Standard & Poor's 500 Index and Nasdaq Composite gained between 0.2-0.4 per cent.
The dollar held a stronger tone into Asian trade on Wednesday after U.S. retail sales reinforced expectations the U.S. Federal Reserve could soon start paring its monetary stimulus, with the weaker yen helping Japanese stocks rise to one-week highs.
MSCI's broadest index of Asia-Pacific shares outside Japan was slightly lower, while Japan's benchmark Nikkei stock average rose 0.5 percent in early trade.
Back home, United Breweries, SAIL, Bhushan Steel, Gitanjali Gems, P&G, LIC Housing Fin, Essar Oil, NALCO, MMTC are set to unveil April-June 2013 quarter results today.
STOCKS TO WATCH
Aban Offshore has announced its plans to raise over Rs 4,500 crore through GDR, FCCBs and QIPs.
Leading brokers now seem to be on a warpath against the NSEL and want the government to take over NSEL, MCX and Financial Technologies (FT) till the payments to all concerned parties are made.
Tata Steel posted a net profit after taxes, Minority Interest and Share of profit of Associates of Rs 1,139.0 crore for the quarter ended June 30, 2013 as compared to Rs 597.9 crore for the quarter ended June 30, 2012.
Canara Bank in talks with Capital First, other NBFCs to buy more retail loans.
IOC will start work on its first LNG plant at Ennore in the east coast by the end of this year.
The Cabinet on Tuesday ratified the decision to sell 3.56 percent stake in Neyveli Lignite Corporation through an IPP, a deal worth Rs 360 crore.
