The market is expected to open in the red as trends in SGX Nifty indicate a negative opening for the broader index in India with a loss of 61 points.

On Tuesday, the wholesale price index (WPI)-based inflation rate for April rose to the highest level in the current 2011-12 series at 15.08 per cent, raising prospects for more rate hikes by the RBI.

The RBI's latest meeting's minutes, where it delivered a surprise rate hike of 40 bps points, will be released today, and will be on investors' radar.

That said, the Federal Reserve also remains firm on getting soaring prices to inch down. Fed Chair Jerome Powell on Tuesday said the bank will not hesitate to keep raising rates until inflation comes down.

On Tuesday, the 30-share benchmark index ended at 54318.47 up by 1344.63 points or by 2.54 % and then NSE Nifty was at 16259.3 up by 417 points or by 2.63 %. On the global front, US stocks surged overnight with the Dow gaining 1.34 per cent. The S&P 500 rose 2 per cent and the Nasdaq added 2.76 per cent.

Most Asian markets gained this morning. Nikkei rose 1.15 per cent, Hang Seng opened flat. Shanghai Composite and Shenzhen Component advanced up to 1.2 per cent. Kospi and Strait Times rose 0.3 and 0.7 per cent, respectively.

Back home, Top traded Volumes on NSE Nifty – Hindalco Industries Ltd. 37772554.00, Coal India Ltd. 28092052.00, Tata Motors Ltd. 24651585.00, Oil And Natural Gas Corporation Ltd. 17843200.00, ITC Ltd. 17797974.00, On NSE, total number of shares traded was 210.28 Crore and total turnover stood at Rs. 55967.23 Crore.

On NSE Future and Options, total number of contracts traded in index futures was 481893 with a total turnover of Rs. 39729.91 Crore. Along with this total number of contracts traded in stock futures were 976791 with a total turnover of Rs. 59481.56 Crore. Total numbers of contracts for index options were 97869894 with a total turnover of Rs. 8104850.22 Crore. and total numbers of contracts for stock options were 3820853 with a total turnover of Rs. 247445.45 Crore.

The FIIs on 17/05/2022 stood as net buyer in equity and debt. Gross equity purchased stood at Rs. 13022.55 Crore and gross debt purchased stood at Rs. 503.48 Crore, while the gross equity sold stood at Rs. 16537.57 Crore and gross debt sold stood at Rs. 2613.85 Crore. Therefore, the net investment of equity and debt reported were Rs. -3515.02 Crore and Rs. -2110.37