(fxcue news) - Indian shares look set to open higher on Wednesday, tracking firm cues from global markets. That said, volatility cannot be ruled out due to concerns over Trump's tariff stance, weak corporate earnings and continued foreign fund outflows. HDFC Bank and HUL are among the prominent companies that will report their quarterly earnings results today. Benchmark indexes Sensex and Nifty slumped 1.6 percent and 1.4 percent, respectively on Tuesday due to uncertainty over Trump's tariff plans. The rupee fell by 14 paise to close at 86.59 against the greenback. Foreign institutional investors (FIIs) sold shares worth Rs 5,920.28 crore on a net basis Tuesday, while domestic institutional investors (DIIs) bought shares to the extent of Rs. 3,500.32 crore, according to provisional data. Asian stocks traded mixed, with Japan's Nikkei rallying 1.5 percent, led by tech stocks as Netflix Inc. reported its biggest quarterly subscriber gain in history and Trump announced a new investment push for artificial intelligence. The yen gained slightly amid expectations of a BoJ rate hike this week. Benchmark indexes in mainland China and Hong Kong were down more than 1 percent after Trump announced that he's considering a 10 percent tariff on China starting February 1 and vowed to hit the European Union with tariffs. The dollar drifted lower in Asian trade and U.S. Treasury yields edged up slightly after falling in the previous session, while gold held near an 11-week high due to trade policy uncertainty under Trump. Oil extended declines as Trump's energy emergency order fueled concerns about oversupply. U.S. stocks ended on a firm note overnight as bond yields dipped on rate-cut optimism and Trump's Inauguration Day policy announcements on tariffs looked more benign than expected. The Dow rallied 1.2 percent, the S&P 500 jumped 0.9 percent and the tech-heavy Nasdaq Composite gained 0.6 percent. European stocks also closed higher on Tuesday, led by financials and healthcare stocks. The pan European STOXX 600 edged up by 0.4 percent. The German DAX added 0.3 percent, France's CAC 40 advanced half a percent and the U.K.'s FTSE 100 gained 0.3 percent.