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Indian shares are set to open higher on Wednesday, tracking gains in global markets, while investor focus will be on quarterly results from multiple Nifty 50 companies this week.

India's GIFT Nifty was trading at 22,449.50, as of 07:27 a.m. IST, indicating that the Nifty 50 will open above its Tuesday's close of 22,368.

The benchmark indexes Nifty and S&P BSE Sensex rose for a third session on Tuesday, tracking gains in global markets amid corcerns of a major re-escalation of tension in the Middle East easing.

Asian markets opened higher, after U.S. equities closed up overnight. [MKTS/GLOB]

Shares of Tata Consumer will likely be eyed, as the fast-moving consumer goods major reported higher fourth-quarter profit on strong domestic business.

Nifty 50 constituents Hindustan Unilever, LTIMindtree, Axis Bank will report results on Wednesday, while Bajaj Finance, Maruti Suzuki are among top companies that will post earnings this week.

Foreign portfolio investors (FPI) sold Indian shares worth 30.45 billion rupees (around $365 million), on a net basis, on Tuesday, while domestic institutional investors (DIIs) bought 29.19 billion rupees of stocks, according to provisional data from the NSE.

FPIs, who were net buyers in the first half of April, and purchased power and financial services stocks ahead of earnings season, have turned net sellers for the month, shedding 105.39 billion rupees of stocks, according to National Securities Depository data.

STOCKS TO WATCH:

** Tata Elxsi: Company reported smaller-than-expected fourth quarter profit as discretionary spending remains low, weak demand in media and communications vertical weigh.

** IIFL Finance: Reserve Bank of India directed co to a special audit about one-and-a half month after it barred the non-bank finance company from disbursing gold loans.

** ICICI Prudential Life posted fourth-quarter earnings post the bell on Tuesday, reporting a lowered new business margin.

($1 = 83.3560 Indian rupees)