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India's benchmark indexes may open higher on Wednesday, after logging their biggest daily losses in a month in the last session, lifted by milder-than-expected U.S. and domestic inflation numbers for April.

The Gift Nifty futures were trading at 24,729.5 as of 8:15 a.m. IST, indicating that the Nifty 50 will open above Tuesday's close of 24,578.35.

U.S. consumer inflation picked up 0.2% in April, lower than the 0.3% monthly rise estimated by economists polled by Reuters.

The favourable inflation data and a de-escalation in the U.S.-China trade war are prompting Wall Street to shake off recessionary fears and giving the Federal Reserve room to hold interest rates where they are.

The upbeat inflation data lifted equities globally, with the MSCI Asia ex Japan trading 0.9% higher. [MKTS/GLOB]

Back home, the consumer inflation print for April came in at 3.16%, the lowest in six years and below economists' estimate of 3.27% in a Reuters poll, raising hopes of further rate cuts.

Barclays said it was now advancing its expectation of a 25-basis-points (bps) rate cut to June from August.

While the softer inflation data will aid sentiment, caution prevailed over foreign flows moving to China in the near term due to easing trade tensions.

Foreign investors sold Indian shares worth 4.77 billion Indian rupees ($56.1 million) on Tuesday, as per provisional data, marking two days of selling in three sessions.

STOCKS TO WATCH

** Coromandel International and FSN E-Commerce Ventures will be in focus as MSCI adds the stocks to its Global Standard index

** Tata Motors is reevaluating its annual profitability target for Jaguar Land Rover amid uncertainty due to U.S. tariffs, after the automaker topped fourth-quarter earnings expectations on Tuesday

** Bharti Airtel beats quarterly profit estimates, helped by a continued boost in its revenue per user and a growing subscriber base

($1 = 85.0770 Indian rupees)