India's GIFT Nifty was up 0.31% at 20,029.50 as of 7:58 a.m. IST, above the benchmark Nifty 50's close of 19,889.70 on Tuesday.

Wall Street equities rose overnight after Fed governor Christopher Waller flagged the possibility of lowering the interest rate in the months ahead if inflation continued to come down.

While another Fed governor, Michelle Bowman, hinted at the possibility of raising rates further if needed, stock markets took their cues from Waller's dovish comments.

The odds of a 25 basis-point rate cut by March 2024 rose to 40.4% on Wednesday from 21.5% the day before, according to the FedWatch tool. Asian markets opened higher. [MKTS/GLOB]

The Nifty 50 closed at the highest since Sept. 20, 2023 on Tuesday, aided by a rise in energy and Adani group stocks.

Since Nov. 14's soft U.S. inflation data, the blue-chip index has closed above 19,600 in every session, but did not breach the 19,900-level in intraday data until the previous session.

"Nifty broke out upwards after a gap of almost six weeks. It could now head up towards the 19,980 - 20,115 band while the 19,765 - 19,811 band could offer support on falls," said Deepak Jasani, head of retail research at HDFC Securities.

The rise in Nifty, accompanied by high volumes, suggests the return of foreign portfolio investors (FPIs) on the buy side, Jasani added.

FPIs bought Indian shares worth 7.84 billion rupees ($94.12 million) on Tuesday on a net basis. Domestic institutional investors purchased shares worth 13.25 billion rupees.

As of Nov. 28, 2023, FPIs have turned net buyers of Indian equities after two months, adding shares worth 29.01 billion rupees.


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($1 = 83.3000 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman)