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

Overseas, Asian stocks are trading mixed on Wednesday, as a spike in new coronavirus infections weighed on sentiment, although U.S. assurances that the China trade deal was intact and upbeat economic data provided some reasons for optimism.

In US, stock indexes closed higher Tuesday, with the Nasdaq Composite booking another record close, helped by improving economic data and optimism on Wall Street about the ability of the U.S. to respond to rising COVID-19 cases.

Technology and consumer-oriented stocks led the rally, with Apple posting an all-time record close, as investors responded to announcements from the tech giant's Worldwide Developers Conference. Apple Inc. announced new operating systems for its iPhones and computers and said it would use its own chips when building new Mac computers, ditching Intel's in the process.

Dr. Anthony Fauci, the nation's top infectious disease expert, warned Tuesday that the “next couple of weeks are going to be critical” in terms of the addressing a “disturbing surge” in COVID-19 cases across the United States, while also vowing to ramp up, not slow down, testing for the virus, in testimony before Congress on the federal response to the pandemic. He also reiterated a cautious optimism about the prospects for the development of a vaccine by year's end or early 2021.

In U.S. economic data, IHS Markit's preliminary, composite purchasing manager's index rose to 46.8 in June from 37 in May, highlighting a nascent economic recovery. The data showed the services sector index rose to 46.7 in June from 36.9 in May, and the manufacturing index recovered to 49.6, compared with 39.8 previously.

Back home, domestic shares ended sharply higher on Tuesday amid positive global cues. The barometer S&P BSE Sensex jumped 519.11 points or 1.49% at 35,430.43. The Nifty 50 index rallied 159.80 points or 1.55% at 10,471.

Foreign portfolio investors (FPIs) bought shares worth Rs 168.96 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 454.48 crore in the Indian equity market on 23 June, provisional data showed.