India's GIFT Nifty was down 0.07% from its overnight close at 21,227.50, as of 8:10 a.m. IST, indicating that the Nifty 50 will open higher than its Wednesday closing level of 20,926.35.
Wall Street equities surged overnight, with the Dow Jones Industrial Average gaining 1.4% to notch a record closing high.
The Fed acknowledged it is making "real progress" in easing inflation, while maintaining a rate pause and adding that hikes were "not the base case anymore".
Chair Jerome Powell said the Fed is aware of the risks of keeping rates higher for too long and lowering them too late, at a press conference after the policy decision, bolstering expectations of a rate cut in early 2024.
The odds of a 25 basis point rate cut in March 2024 rose to 65.9% on Thursday from 39.7% a day before, according to the CME's FedWatch tool.
Asian markets jumped at the open on Thursday, with the MSCI Asia ex-Japan index adding 1.8%. [MKTS/GLOB]
India's Nifty 50 has scaled new all-time highs in eight of the previous ten sessions, aided by strong quarterly growth, upward revision of the fiscal 2024 growth forecast by the central bank, lower-than-expected retail inflation, moderation in oil prices, and strong foreign and domestic fund inflows.
STOCKS TO WATCH:
** State Bank of India: State-owned lender will sign a 70 million euro line of credit for solar PV projects in India, with German development bank KfW.
** NBCC: Construction company secures work orders worth 15 billion rupees.
** RBL Bank: Lender acquires 8.51% stake in Open Network for Digital Commerce (ONDC) for 400 million rupees.
** Biocon: Company's unit Bicara Therapeutics completes $165 million Series C financing.
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia Cheema)
