NEW DELHI: Indian shares are set to start higher on Wednesday tracking gains in Asian peers, and will seek direction from Europe later in the day.
Arun Kejriwal, strategist at research firm KRIS, said investors would be watching efforts to resolve euro zone debt crisis and if European shares dropped that would weigh on local sentiment.
Oil and gas explorer Cairn India will be in focus after the board of Oil and Natural Gas Corp decided to issue a no-objection certificate for London-based miner Vedanta Resources' deal to buy a majority stake in Cairn India.
At 8:17 a.m. (0247 GMT), the MSCI's measure of Asian markets other than Japan and Japan's Nikkei were both up 0.18 percent.
The Nifty India stock futures in Singapore were up 0.16 percent, indicating a higher opening for Indian market.
The 30-share BSE index snapped a four-day losing streak on Tuesday and closed 2.95 percent higher at 16,524.03.
STOCKS TO WATCH
Mahindra & Mahindra Financial Services Ltd , after the company said its unit Mahindra Insurance Brokers Ltd has entered into reinsurance broking business.
Petron Engineering Construction Ltd , after the company said it got a contract worth 665 million rupees from Lafarge India. Vivimed Labs , after the drugmaker said it has raised 1.27 billion rupees through preferential allotment to two private equity investors.
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