(Reuters) - Indian shares are set to open higher on Wednesday, tracking a modest reversal in Wall Street, which snapped a four-session losing streak overnight while fears of a recession linger.
India's NSE stock futures listed on the Singapore exchange were up 0.36% at 18,492, as of 7:10 a.m. IST.
Wall Street equities snapped a four-day sell-off and logged gains on Tuesday ahead of key macroeconomic data due later this week - including third-quarter GDP figures, housing starts, consumer spending, and inflation - that could offer cues to the Fed's future policy path.
Asian markets recovered after Tuesday's slide triggered by Japan's surprise policy review. The MSCI Asia ex Japan rose 0.46%.
Focus will shift to minutes of the latest policy meeting of the Reserve Bank of India, due to be released later in the day, as investors seek to understand the central bank's outlook on inflation trajectory and growth revival.
The RBI, in its monthly bulletin on Tuesday, said that inflation "may be slightly down, but it is certainly not out," though it sounded optimistic about the near-term economic growth outlook. [nL4N33A1II]
India's annual inflation rate fell to 5.88% in November, below the upper end of the RBI's target rate of 6% for the first time this year.
Foreign institutional investors bought 4.56 billion rupees ($55.21 million) worth of equities on a net basis on Tuesday, while domestic investors bought 4.95 billion of shares, as per provisional NSE data.
Stocks To Watch:
** Dabur India: Co says entities of Burman family sold about 1% shares via block deal on Dec. 20.
** Bharti Airtel: Co acquires 8% stake in technology startup Immensitas.
** Central Bank of India: Lender to consider raising capital through issuance of Tier II bonds, in its board meeting on Dec. 26.
** GAIL (India): Co raised 15.75 billion rupees, via issue of non-convertible debentures.
** City Union Bank: RBI discovered divergence in additional gross NPA for FY2022, amounting to 2.59 billion rupees.