SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 10 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Wednesday after their U.S. peers retreated from all-time highs, with investors awaiting a policy decision from the Federal Reserve.

Japan's exports rose at the fastest pace since 1980 in May and a key gauge of capital spending grew. Ministry of Finance data on Wednesday showed exports grew 49.6% year-on-year in May, led by U.S.-bound car shipments.

U.S. stocks fell slightly on Tuesday with the S&P 500 and the Nasdaq Composite slipping from their respective records, as investors awaited the key Federal Reserve monetary policy meeting.

On the data front, the final demand index for producer prices advanced 6.6% for the 12 months ended in May, the largest increase since 12-month data were first calculated in November 2010. On a monthly basis, the producer price index for final demand rose 0.8%. Meanwhile, May's retail sales data fell 1.3%,.

The Fed's two-day policy meeting started on Tuesday. Although the central bank is not expected to take any action, its forecasts for interest rates, inflation and the economy could move the markets. Fed Chairman Jerome Powell will speak to the press after the central bank issues its statement Wednesday.

Domestic markets:

Back home, the domestic equity benchmarks ended with decent gains on Tuesday. The barometer index, the S&P BSE Sensex, rose 221.52 points or 0.42% to 52,773.05. The Nifty 50 index added 57.40 points or 0.36% to 15,869.25.

Foreign portfolio investors (FPIs) bought shares worth Rs 633.69 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 649.29 crore in the Indian equity market on 15 June, provisional data showed.