The market uptrend is intact. Nifty came off the days highs on Tuesday, but held on to 19400.

We saw a surge in global markets overnight as the Dow Jones ended 317 points up. All eyes are on the US June CPI reading today. CMEs Fed watch tool indicates a 92 percent chance of a US Fed rate hike in its July policy.

In India, markets flows were mixed with a positive bias. Large buying by foreign investors was witnessed on Tuesday. Foreign Institutional Investors (FIIs) bought Rs 1,197 crore in trade yesterday. FIIs have bought nearly Rs 11,000 crore month-to-date.

Earnings season officially kicks off today with HCL Tech and TCS reports expected in the evening. The June quarter is expected to be the slowest in a decade for TCS with a fall in margin fall as well. The big question is could the bad news be in the price? TCS stock is down 10 percent from its highs in February.

In indian macro data to track, we have the May IIP and June CPI data that will be out at 5.30pm today. The CNBC-TV18 poll sees the June headline CPI at 4.6 percent compared to 4.25 percent in May.