(Reuters) - Indian shares are poised to open higher on Thursday, tracking strength in Asian markets in the backdrop of growing expectation the U.S. Federal Reserve may tone down its aggressive stance on rate hikes.
India's NSE stock futures, listed on the Singapore exchange, were 0.55% higher as of 0159 GMT, while the MSCI's broadest index of Asia-Pacific shares outside Japan, climbed 1.74%.
Gains in the domestic market, however, are likely to be limited, as global oil prices rose in early Asian trade on Thursday after surging more than 3% in the previous session, driven by record U.S. crude exports. [O/R]
India is the world's third-largest importer and consumer of oil, and a rise in crude prices have a direct impact on inflation.
The NSE Nifty 50 index was down 0.42% at 17,656.35 at close on Tuesday, and the S&P BSE Sensex ended 0.48% lower to 59,543.96, snapping seven straight sessions of gains.
The market was closed on Wednesday for a holiday.
Foreign institutional investors sold a net 2.47 billion Indian rupees ($30.12 million) worth of equities on Tuesday, while domestic investors bought net 8.73 billion rupees worth of shares, as per provisional data available with the National Stock Exchange.
Stocks to watch:
** Zee Entertainment Enterprises and the Indian unit of Japan's Sony have agreed to divest three Hindi language channels as part of their deal to create a $10-billion TV behemoth, according to an order by India's competition regulator.
** Crompton Greaves Consumer Electricals reported a near 18% drop in September-quarter profit on Wednesday, missing analyst estimates, dented by higher expenses and subdued performance in the electrical consumer durables division.
** Dabur India on Wednesday reported a fall in quarterly profit as higher commodity prices weighed on margins, and said it would acquire a majority stake in spices and seasoning maker Badshah Masala.
** Carbon black maker PCBL Ltd reported a 4.9% fall in second-quarter profit on Wednesday, as higher costs offset robust sales of the tire strengthening material.
** Glenmark Pharmaceuticals Ltd said on Wednesday U.S. FDA has placed the firm's Baddi facility in the Indian state of Himachal Pradesh under an import alert.