It was a muted trading day on Wall Street but benchmark indices ended lower. The Nasdaq ended with losses of 0.6 percent, while the Dow Jones declined 60 points. All eyes are now on the US CPI data that is due later this evening. This will offer insights into whether the Federal Reserve's rate hikes are helping ease sticky prices. In stock specific action overnight, both Airbnb and Twilio fell 11 percent each in extended trading on weak earnings commentary.

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Foreign Investors bought worth Rs 1,942 crore in the cash market in Tuesday and have been buyers for nine straight trading sessions. Domestic investors joined the party as well, buying Rs 404 crore in the cash market.

Among earnings reactions today, Lupin reported strong revenue growth of 14.1 percent year-on-year, while the US business saw margin improvement for the third quarter in a row. Apollo Tyres also saw revenue growth of 12 percent from last year, while margin improved by 480 basis points to 16 percent.

Nifty 50 earnings are back after a brief pause with companies like Dr Reddy's Laboratories and Larsen & Toubro reporting their quarterly results today. Within the broader market space, Escorts Kubota, Bosch, and Godrej Consumer Products will also be reporting results.

The Nifty 50 faced pressure at higher levels on Tuesday, but ended flat. It has managed to hold the 18,250 mark and is now just 3.4 percent away from its all-time high of 18,888. Analysts believe that 18,100 - 18,000 is a strong support for the index but it has to decisively cross 18,350 for further upside.