The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 23,405 level, a premium of nearly 140 points from the Nifty futures’ previous close.

The market is expected to be under intense pressure with strong headwinds. Brent crude is above $81 per barrel, while sharper than expected surge in US jobs data coupled with consistent FIIs selling and Q3 earnings have taken a toll on the market.

Indian benchmark indices Nifty and Sensex ended on Tuesday with modest gains, breaking a four-day losing streak, as a strong rally in banking, metal, and energy stocks lifted sentiment. However, a selloff in IT and FMCG stocks kept investors cautious.

Nifty 50 outlook remains weak and the markets will consolidate in a range with stock specific action on the back of Q3 result announcements, analysts said.