Domestic stock markets are set to open higher on Wednesday as indicated by the Nifty futures traded on Singapore Exchange. The SGX Nifty futures were last seen trading 14.50 points - or 0.12 per cent - higher at 11,957.50. Equities in other Asian markets were subdued as initial enthusiasm over the latest US-China trade truce was overtaken by fresh concerns over Washington's threat of tariffs on additional European goods. MSCI's broadest index of Asia-Pacific shares outside Japan was almost flat, while Japan's Nikkei was down 0.4 per cent in early trade.

Global growth concerns also weighed on investor confidence, with South Korea the latest trade-reliant economy to cut its economic growth and export targets, a day after weaker factory readings worldwide.

Overnight in the US, stocks managed modest gains after holding near the unchanged mark for much of the session, with the S&P 500 rising 0.29 per cent to a record close, with dividend-oriented utilities and real estate stocks leading the upmove.

Still, a rally in global stocks following the US-China summit at weekend is rapidly losing steam. While the threat of new US tariffs has been postponed for now, existing tariffs that have disrupted global supply chains are unlikely to be lifted any time soon.

The United States and China agreed on Saturday to restart trade talks after US President Donald Trump offered concessions including no new tariffs and an easing of restrictions on tech company Huawei in order to reduce tensions with Beijing.

The S&P BSE Sensex and NSE Nifty 50 indexes had ended 0.33 per cent and 0.38 per cent higher on Tuesday, excenting their gains to a second straight session.

Analysts await the release of Economic Survey on Thursday, followed by Budget announcements the next day.

Meanwhile, automobile companies' shares will be in focus after the release of their monthly sales reports.

(With inputs from Reuters)