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Indian shares are set to open higher on Wednesday, tracking Asian peers after U.S. Federal Reserve officials suggested that the central bank could be near the end of its policy tightening cycle.
India's GIFT Nifty was up 0.32 per cent at 19,519.50 as of 8:09 a.m., over 100 points above the benchmark Nifty 50's Tuesday close of 19,406.70.
Wall Street equities rose overnight, while U.S. Treasury yields fell after comments by several Fed officials hinted that the central bank may be close to the end of the rate hiking cycle.
The S&P 500 and Nasdaq Composite stock indexes posted their longest winning streak in two years. Asian markets advanced, with the MSCI Asia ex-Japan index adding 0.3 per cent.
Since the Fed held rates steady on Nov. 1, the Nifty 50 and Sensex gained over 2 per cent each before taking a pause on Tuesday.
Foreign institutional investors, remained net sellers on Tuesday, extending their selling streak to the tenth session, offloading ₹497 crore of shares on a net basis. Domestic institutional investors bought shares worth ₹700 crore.
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