Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 34 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Wednesday after renewed U.S. stimulus hopes helped Wall Street higher.

In US, Wall Street shares closed higher Tuesday on growing optimism that U.S. lawmakers are nearing a deal on a stimulus package aimed at cushioning the economic shock from the coronavirus pandemic.

The White House and Democrats in the U.S. Congress moved closer to agreement on a new coronavirus relief package on Tuesday as President Donald Trump said he was willing to accept a large aid bill despite opposition from his own Republican Party. Negotiations will continue on Wednesday, an aide to top U.S. Democrat Nancy Pelosi reportedly said.

On the coronavirus vaccine front, Moderna's CEO Stephane Bancel expects interim results from the firm's Covid-19 vaccine trial in November, reports indicated. Bancel also said that the U.S. Food and Drug Administration could issue an emergency use authorization before the end of the year.

Domestic markets:

Back home, domestic equity barometers ended with decent gains on Tuesday, rising for the third straight session. The barometer index, the S&P BSE Sensex, rose 112.77 points or 0.28% at 40,544.37. The Nifty 50 index added 23.75 points or 0.20% at 11,896.80.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,585.07 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,633.23 crore in the Indian equity market on 20 October, provisional data showed.