BENGALURU, Aug 20 (Reuters) - Indian shares are set to open marginally higher on Tuesday, tracking gains in Asian markets amid continuing bets that the U.S. Federal Reserve will start cutting rates soon.
The GIFT Nifty GIFc1 was trading at 24,645.50 as of 07:24 a.m. IST, indicating that the NSE Nifty 50 .NSEI will open a little above its close of 24,572.65 on Monday.
Meanwhile, Asian markets opened higher, with the MSCI ex-Japan .NIAPJ0000PUS climbing 0.3%.
Wall Street equities also advanced overnight as investors waited for Fed Chair Jerome Powell's address in Jackson Hole later this week, which will be parsed for clues regarding rate cuts. MKTS/GLOB
Indian benchmarks ended flat on Monday, as profit booking in financials offset gains in energy and metal stocks.
Foreign institutional investors were sellers again on Monday, offloading stocks worth 26.67 billion rupees ( $318 million), after a three-session selling streak on Friday.
Domestic institutional investors purchased shares for the eleventh straight session, worth 18.03 billion rupees, according to provisional data from the National Stock Exchange.
STOCKS TO WATCH
** Hindustan Zinc HZNC.NS will consider second interim dividend for fiscal 2025.
** HCLTech HCLT.NS insider Shiv Walia as its Chief Financial Officer.
** IndusInd Bank INBK.NS said it received Reserve Bank of India's approval for setting up a unit which will undertake asset management business.
($1 = 83.8520 Indian rupees)
(Reporting by Kashish Tandon in Bengaluru; Editing by Nivedita Bhattacharjee)
((Kashish.Tandon@thomsonreuters.com; 8800437922;))