(Reuters) Indian shares are set to open little changed on Wednesday, amid improved global cues, with investors awaiting June-quarter earnings of top firms later this week.
India's GIFT Nifty on the NSE International Exchange was down 0.01% at 19,801 as of 8:02 a.m. IST.
Both the Nifty 50 and the Sensex hit fresh highs for the third session in a row on Tuesday, powered by information technology (IT) stocks on hopes that the U.S. Federal Reserve is nearing the end of its rate hiking cycle after recent data showed moderation in inflation.
IT firms earn a significant share of their revenue from the U.S. and Europe.
"The global market construct continues to be favourable for the bulls. Healthy consolidation can be a near-term trend in domestic markets," said Vikram Kasat - head of advisory at domestic brokerage Prabhudas Lilladher.
Wall Street equities closed higher overnight, aided by strong earnings and robust retail sales data for June. Asian markets, with the exception of Hong Kong's Hang Seng index, edged higher.
Investors also await the June-quarter earnings of L&T Finance Holdings, Tata Communications, Can Fin Homes, Hatsun Agro Product and Jubilant Pharmova among others on Wednesday.
Several Nifty 50 constituents including Hindustan Unilever, Infosys, Ultratech Cement, Ashok Leyland, Reliance Industries, Kotak Mahindra Bank and ICICI Bank are scheduled to report their results later this week.
Foreign institutional investors bought 21.16 billion rupees ($257.74 million) worth of Indian equities on a net basis on Tuesday, while domestic investors sold 13.18 billion rupees of shares, as per provisional NSE data.
Stocks to watch
** IndusInd Bank: Lender beats June-quarter profit view on loan growth, drop in provisions.
** L&T Technology Services: Co posts 13% rise in June-quarter profit on order boost.
** CIE Automotive: Co's June-quarter profit surges on strong domestic and European demand.
** Himadri Speciality Chemical: Co reports rise in consolidated net profit in June quarter.