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Indian shares are set to open marginally higher on Wednesday, tracking Asian and U.S. peers on easing interest rate concerns after data signalled a slowdown in the world's largest economy.

India's GIFT Nifty on the NSE International Exchange was up 0.12% at 19,534 at 8:00 a.m. IST.

The benchmark Nifty 50 settled marginally higher on Tuesday, aided by metals on hopes of a demand recovery in China, although Reliance Industries extended decline following its annual general meeting on Monday and capped gains.

Wall Street closed higher overnight after data showed dampening consumer confidence and fall in job openings, easing rate concerns as they signalled that the U.S. Federal Reserve's policy tightening has resulted in cooling the economy. [.N]

Further data scheduled to be released later this week including August non-farm payrolls, and July personal consumption expenditure (PCE) could influence the Fed's rate decision. Asian markets rose. [MKTS/GLOB]

Investors also await domestic GDP data for the April-June quarter, scheduled to be released post-market hours on Thursday.

India's economic growth likely accelerated to 7.7% in the June quarter, the fastest in a year on strong demand, robust service sector growth and increased government expenditure, according to a Reuters poll.

Foreign institutional investors bought shares worth 615.1 million rupees on a net basis on Tuesday, while domestic institutional investors bought shares worth 3.05 billion rupees ($36.9 million), according to stock exchange data.

STOCKS TO WATCH:

** Lupin: Co's subsidiary launches Propranolol LA capsules in Canada, drug used to treat heart problems, anxiety.

** Ami Organics: Morgan Stanley Asia Singapore Pte non-ODI buys 621,898 shares in the pharma firm through open market transactions on Tuesday.

** MPS: Co's unit MPS Interactive Systems acquires 65% stake in entities of Liberate Group for a consideration of 9.32 million Australian dollars