Indian markets are expected to open with a tepid start on Wednesday, following profit-taking in the previous session and taking into account PM Modi's comments. GIFT Nifty futures indicate a slight decrease, down by 0.02 percent or 5.5 points at 24,730.

A positive trigger is India's retail inflation for April, which reached a low of 3.16 percent, the lowest since July 2019, attributed to a reduction in food prices. Despite a volatile previous session, the Nifty managed to hold above 24,500 levels, even after losing nearly 40 percent of the gains from Monday's session. Near-term market direction will likely be influenced by developments on the war front and Q4 earnings.

Rupak De, Senior Technical Analyst at LKP Securities, noted that the index slipped due to traders booking short-term profits. However, the sentiment is expected to remain positive, with the index trading above the short-term moving average, confirming a bullish trend. The index is sustaining above the previous consolidation zone and may continue its upward movement to potentially reach 25,350. Support is placed at 24,400, suggesting a buy-on-dips strategy is favorable as long as the index remains above this level.

The India VIX, a fear gauge, declined by 1 percent, reflecting easing investor sentiment following the ceasefire and amid improving global and domestic cues.

Eicher Motors is scheduled to report its earnings after market hours. Other companies in the F&O segment set to report Q4 results include Berger Paints, Jubilant Foodworks, Lupin, Muthoot Finance, Shree Cement, HAL, Tata Power, Apollo Tyres, and Torrent Power.

Asian markets traded in a narrow range, following gains in the overnight US session, as geopolitical tensions eased and US CPI cooled off, potentially allowing the Federal Bank to consider future rate cuts. US stock index futures traded muted in early Monday trade, with Dow Jones Futures flat, Nasdaq Futures down 0.02 percent, and S&P 500 Futures down 0.03 percent.