The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 23,303 level, a premium of nearly 31 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.

Resistances for the benchmark Nifty-50 index is seen at 23,340 and 23,500, while on the downside 23,047 becomes the base for the short term, said analysts.

In an attempt to regain control, Bulls pushed the Sensex up by 169.62 points, or 0.22%, to 76,499.63. Likewise, Nifty 50 jumped 90.10 points, or 0.39%, to settle at 23,176.05.