The BSE Sensex may open higher on Wednesday, tracking gains in its Asian peers as the U.S. Federal Reserve meets and investors await announcement of an expected quantitative easing program.
State-run gas transporter GAIL (India) will be in focus as it unveils its quarterly results later in the day.
Financials will be watched after a Reuters poll showed India's central bank is expected to raise rates once more in this fiscal year ending March after it raised rates by 25 basis points on Tuesday.
The Reserve Bank of India's move to raise its lending and borrowing rates by 25 basis points each may have a small negative short-term impact on economic growth, Finance Minister Pranab Mukherjee said on Tuesday.
The MSCI's measure of Asian markets other than Japan was up 0.9 percent by 0254 GMT, while Japanese markets were closed for a public holiday.
The Nifty India stock futures in Singapore were up 0.5 percent, indicating a higher open in the domestic market.
On Tuesday, the 30-share BSE index closed down 0.1 percent at 20,345.69.
STOCKS TO WATCH
* SpiceJet Ltd after its chief executive said the airline plans to spend as much as $900 million to purchase 30 Nextgen turboprop aircrafts from Canada's Bombardier Inc.
* TV Today Network Ltd after the company swung to a loss in the September quarter.
* Neyveli Lignite Corp Ltd after the firm's July-September net profit rose 12.3 percent.
* Texmaco Ltd after the company said its board had entered into an agreement with Bombardier Transportation India to jointly bid for the manufacture and supply of electric locomotives to Indian Railways.
(Reporting by Ami Shah and Kaustubh Kulkarni; editing by Tony Munroe)