Markets are likely to be stay higher on Wednesday following global cues. However trends in SGX Nifty suggest a weak opening of Indian benchmark indices.

Moody’s Investors Service revised India's sovereign credit rating outlook to stable from negative, on receding risks posed by the financial sector to the overall economy. The country’s credit rating was, however, unchanged at Baa3, the lowest investment grade.

Essel Group founder and chairman Subhash Chandra on Tuesday questioned US investor Invesco’s motive behind seeking a change in the Zee Entertainment Enterprises Ltd board.In his first public comments on the tussle between Zee and its largest shareholder on his television channel WION, Chandra urged Invesco to disclose the rationale behind its demand for recasting the company’s board, including the ouster of his son and managing director Punit Goenka.

The government may abandon its demand for spectrum charges of about Rs40,000 crore from telecom operators to support the struggling companies.The latest plan would offer further reprieve to Vodafone Idea Ltd and Bharti Airtel Ltd, adding to the government’s 15 September decision to offer a four-year moratorium on dues and the option to convert dues to the government into equity.The government on Monday filed an affidavit in the top court stating that the decision to withdraw the batch of appeals against the telcos on spectrum charges is being examined by competent authorities

Zydus Cadila, the Indian pharmaceutical company, has received the Indian drug regulator’s nod for conducting phase III trials of its two-dose Covid-19 vaccine ZyCoV-D.The company has "got the permission for conduct of phase III trials for two-dose Covid vaccine," Cadila Healthcare said in a regulatory filing.

Government wants Coal India Ltd. to ramp up production to rein in imports, amid global shortages of the fuel that have added urgency to efforts.

Asian stocks rose on Wednesday after US equities rebounded as traders weigh the resilience of the economic recovery to elevated inflation fanned by surging energy costs. Treasury yields advanced and the dollar held a climb.

Shares rose in Japan and South Korea, while Australia was little changed. US contracts fluctuated after bargain-hunting for technology stocks that bore the brunt of a recent selloff boosted the S&P 500 and Nasdaq 100.

Worries about China’s highly-leveraged property sector and broad regulatory crackdown on private industries continue to shadow sentiment. On Tuesday, representatives of Man Group, Soros Fund Management and Elliott Management raised concerns about the outlook for Chinese stocks. The nation’s markets are closed for a holiday and reopen Friday.

Volatility has picked up in global markets as investors brace for a slower but still robust economic recovery from the pandemic and gradual monetary-policy tightening to contain price pressures. Political gridlock in the US over the nation’s debt ceiling and President Joe Biden’s wider economic agenda is contributing to the uncertainty.

The 10-year Treasury yield headed toward 1.55% and the 30-year yield reached the highest since June. Faster-than-expected U.S. service-sector activity and inflation risks from spiraling costs for crude oil and natural gas are adding to the case for a reduction in Federal Reserve bond-buying. Traders are awaiting labor market data later this week for more clues about the outlook.

Crude oil extended its rally from a seven-year high.