BENGALURU (Reuters) - Indian shares are set to open higher on Wednesday, taking cues from overnight gains on Wall Street as corporate earnings helped improve sentiment and oil prices fell on worries of higher U.S. supply.
India's NSE stock futures listed on the Singapore exchange were up 0.14%, as of 0230 GMT. The MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.04%, although they were capped by a fall in Chinese shares.
The NSE Nifty 50 index settled 1.01% higher at 17,486.95 on Tuesday, and the S&P BSE Sensex climbed 0.94% to 58,960.60. Both the indexes hit three-week highs in their third straight session of gains.
Meanwhile, oil prices settled lower on Tuesday on fears of higher U.S. supply combined with an economic slowdown and lower Chinese fuel demand. [O/R]
India, the world's third-biggest importer and consumer of oil, benefits from a fall in crude prices as it brings down imported inflation.
Foreign institutional investors sold a net of 1.53 billion Indian rupees ($18.6 million) worth of equities on Tuesday, while domestic investors bought 20.85 billion rupees worth of shares, as per provisional data available with the National Stock Exchange.
Stocks to watch:
** Network18 Media & Investments reported a loss for the second quarter on Tuesday, as advertisers spent less and the media conglomerate, backed by billionaire Mukesh Ambani, poured funds into new television channels and shows.
** Vodafone Idea Ltd said it would consider a proposal for issue of debenture securities convertible into equity shares on a preferential or private placement basis.
** Adani Enterprises Ltd said its unit, Adani Defence Systems & Technologies, would buy Air Works for an enterprise value of 4 billion rupees.
** Prestige Estates Projects Ltd said during second quarter, the group registered sales of 35.11 billion rupees, up by 66% from a year ago.
** JSW Ispat Special Products Ltd reported a September-quarter consolidated net loss of 2.09 billion rupees, wider than loss of 368.8 million rupees from a year ago.
** ICICI Lombard General Insurance Co Ltd reported a September-quarter profit after tax of 5.91 billion rupees, up 32.3% from last year.