The Indian stock market may slightly erase gains in the opening trade due to strong global cues. The Asian markets are trading slightly lower as the Federal Reserve is likely to raise the key interest rates by 25 basis points.

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Asian shares edged slightly lower with MSCI's broadest index of Asia-Pacific shares outside Japan dipping 0.15 percent in early trade, giving up the slim gains they made following the meeting between US President Donald Trump and North Korean leader Kim Jong Un.

Japan's Nikkei eked out gains of 0.10 percent.

With the US-North Korea summit out of the way, market focus is quickly shifting to the Fed's two-day policy meeting ending on Wednesday.

The Trump-Kim meet helped the global markets, including the Indian market, to trade positive on Tuesday. Despite all the positive headlines, the Trump-Kim summit did not inspire a risk recovery as it was in line with expectations and still lacks detail.

The next 48 hours will bring the Fed and ECB decision. The S&P-500 gained 0.17 percent, led by a continued rally in technology shares and the dollar saw modest gains. The Nasdaq Composite added 0.57 percent, to finish at record low of 7,703.

The Indian benchmark indices, the Sensex and the Nifty, closed at over four-month highs, following global cues as Donald Trump and Kim Jong-un successfully concluded negotiations for the complete denuclearisation of North Korea.

In what looked a steady day of the trading session, the Sensex gained 209 points to close higher at 35,693 and the Nifty advanced 56 points to 10,843.

The Midcaps have outperformed with the leading Index edging 160 points higher to 18,985. The banking Index was not far behind. The Nifty Bank gained 1545 points to 26,607, led by SBI, IndusInd Bank and Kotak Mahindra Bank.

First Published:Jun 13, 2018 7:15 AM IST