Indian markets on Tuesday opened on a cautious note, and thereafter, the benchmark indices traded in a tight range for most part of the session, as market participants remained on the side-lines ahead of microeconomic data. However, in the last hour of the trade benchmark indices gathered momentum and settled near the day’s high level. Finally, the NSE’s 50-share broadly followed index Nifty, ended higher by over half a per cent to settle above the crucial 8,200 support level, while Bombay Stock Exchange’s sensitive Index-Sensex accumulated one eighty two points and closed near the psychological 26,700 mark. India’s retail inflation numbers which were released later in the evening on Tuesday, have cooled to a two-year low in November. The CPI cooled down to 3.63 per cent for the month of November as against 4.20 per cent reported in October this year.European markets finished broadly higher on Tuesday with shares in London leading in the region. The FTSE 100 ended up 1.13 per cent while France’s CAC 40 ended up 0.91 per cent and Germany’s DAX ended up 0.84 per cent.The U.S. stocks extended their recent rally while the dollar held steady on Tuesday ahead of Federal Reserve’s expected interest rate hike and potential change in its inflation and growth outlook. All three major U.S stock indexes hit record closing highs. The Dow Jones industrial average was up 114.78 points, or 0.58 per cent, to 19,911.21; the S&P 500 gained 14.76 points, or 0.653977 per cent, to 2,271.72; and the Nasdaq Composite added 51.29 points, or 0.95 per cent, to 5,463.83.Asian stocks on Wednesday are trading on a mixed note. The Hang Seng is up by 0.60 per cent while Shanghai Composite is up by 0.19 per cent and Nikkei 225 is down by 0.17 per cent.At 7:48 am, SGX Nifty Index was trading 0.09 per cent higher at 8,223.50, indicating a flat start for Indian equities. Investors will react to the retail inflation, which fell sharply in November. The two-day Federal Open Market Committee meeting is set to conclude tonight and the outcome of the Fed meet will dictate the move of global markets.