SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 33 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading higher on Wednesday as investors looked ahead to the U.S. Federal Reserve's latest update on its rate hike decision.

Wall Street closed higher on Tuesday as widespread fears over liquidity in the banking sector abated and market participants eyed the Federal Reserve, which is expected to conclude its two-day policy meeting on Wednesday with a 25 basis-point hike to its policy rate.

Treasury Secretary Janet Yellen said Tuesday that while authorities believe they've taken sufficient action to stem liquidity problems in the banking sector, the government is prepared to guarantee even more deposits if the banking crisis gets worse.

Domestic markets:

Back home, domestic stock market jumped on Tuesday, tracking positive global cues. The S&P BSE Sensex rose 445.73 points or 0.77% to 58,074.68. The Nifty 50 index added 119.10 points or 0.70% to 17,107.50.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,454.63 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,946.06 crore in the Indian equity market on 21 March, provisional data showed.