Indian equity markets were set to open higher on Wednesday after strong rebound in the previous session but investors are likely to stay cautious ahead of the Fed rate decision and higher global crude prices.

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At 07:15 AM, SGX Nifty, an early indicator of the Nifty 50's trend in India, rose 0.36 percent to 11,163, indicating a mildly higher opening for the Indian market today.

Here is what you need to know before the market opens:

Asia: MSCI's broadest index of Asia-Pacific shares outside Japan was almost flat in early trade, in part as South Korea is closed for a holiday. It stayed below a three-week high hit on Friday. In Japan, the Nikkei edged down 0.4 percent.

US stocks: The Dow Jones Industrial Average fell 0.26 percent to end at 26,492.21 points, and the S&P 500 lost 0.13 percent to 2,915.56. The Nasdaq Composite rose 0.18 percent to 8,007.47.

Dollar index:The dollar's index against a basket of major currencies stood at 94.169, near Friday's 93.808, a 2-1/2-month low. The euro traded at $1.1765, not far from three-month high of $1.18155 touched on Monday.

Crude oil prices:Brent crude futures were down 43 cents, or 0.5 percent, at $81.44, after gaining nearly 1 percent the previous session. Earlier on Tuesday, Brent hit its highest since November 2014 at $82.55 per barrel. US crude futures were down 40 cents, or 0.6 percent at $71.88 a barrel. They rose 0.3 percent on Tuesday to close at their highest level since mid-July.

Market at close on Tuesday: The Sensex and the Nifty recovered to end the session at high point of the day with the 30-share BSE index seeing a recovery of over 588 points from lows to close with a gain of 347 points at 36,652. The 50-stock broader NSE Index, the Nifty50 gained 185 points from the low of 10,883 to end above 100-day moving average with a gain of 100 points at 11,067.

Rupee: The Indian rupee closed at 72.69 against the US dollar on Tuesday, depreciating 6 paise from Monday’s close of 72.23.

FII & DII data: Foreign institutional investors (FIIs) sold shares worth Rs 1,232 crore while domestic institutional investors bought shares worth Rs 2,284 crore in the Indian equity market on Tuesday.

US-Iran Sanctions: US President Donald Trump and Iranian President Hassan Rouhani exchanged taunts at the United Nations General Assembly on Tuesday with Trump vowing more sanctions against Tehran and Rouhani suggesting his American counterpart suffers from a "weakness of intellect."

US Fed Rate Hike: Investors await details from the two-day Federal Reserve meeting that began on Tuesday, with the US central bank expected to raise benchmark interest rates and shed light on the path for future rate hikes.

FM on Bank Loans and NPAs: Union finance minister Arun Jaitley on Tuesday said non-performing assets (NPA) of public sector banks (PSB) are on the decline as recoveries have picked up, but it's a challenge to loan growth. Finance minister said recoveries have not just picked up because of National Company Law Tribunal (NCLT) resolutions, but also borrowers are paying up in anticipation of losing companies.

(With input from agencies)

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First Published:Sept 26, 2018 7:37 AM IST