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 Indian shares will likely open marginally higher on Wednesday, tracking gains in global equities, with investors focused on minutes of the Federal Reserve's latest policy meeting for clues on rate cuts.

The Gift Nifty was trading at 22,637 as of 8:06 a.m. IST, indicating the Nifty 50 will open above Tuesday's close of 22,529.05.

All three major U.S. indexes advanced and the S&P 500 and the Nasdaq reached all-time closing highs overnight. Asian markets rose on Wednesday.

Minutes from the Federal Open Markets Committee's most recent meeting are due later in the day, and will provide clues regarding the timing and extent of policy easing this year.

Uncertainty about the outcome of India's national elections and foreign selling has kept Indian equities in a narrow range over the last few sessions.

India's election results are due on June 4.

On Tuesday, the volatility index - a gauge for market unease - hit a 23-month high.

Foreign investors have sold Indian shares worth 260.61 billion rupees ($3.13 billion) so far in May, the most since January 2023. Domestic investors have been net buyers in 20 of the last 21 sessions, lending some stability to the market.

On Wednesday, fourth-quarter results of Nifty constituent Grasim Industries will be in focus.

STOCKS TO WATCH:

Reliance Industries: Nel ASA signed licensing agreement with the Indian oil refiner for making alkaline electrolysers.

Vedanta: Miner says suspension of mining operations at iron ore mine revoked.

Dr. Reddy's Laboratories: Drugmaker's Swiss unit entered deal with Alvotech to commercialize biosimilar 'Denosumab'.

($1 = 83.2870 Indian rupees)