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Indian shares are set to open higher on Monday, mirroring other Asian peers after U.S. Federal Reserve Chair Jerome Powell signalled that interest rate cuts are imminent.

The GIFT Nifty was trading at 24,902, as of 07:57 a.m. IST, indicating that the NSE Nifty 50 will open above its close of 24,823.15 on Friday.

The Nifty 50 has gained about 3% in the past seven sessions, its longest rally this year, helped by rising bets of a U.S. rate cut in September and sustained domestic inflows.

On Friday, in highly anticipated comments at the Jackson Hole Economic Symposium Fed Chair Jerome Powell said "the time has come for policy to adjust".

A rate cut in the United States would bring inflows into emerging markets like India and could lend strength to a sustained rally in domestic equities, according to analysts.

Asian markets opened higher, with the MSCI Asia ex-Japan index rising 0.75%.

Wall Street equities ended sharply higher on Friday as Powell's remarks solidified expectations of a rate cut at the Sept. 17-18 Fed meeting. [MKTS/GLOB]

Both foreign institutional investors (FII) and domestic institutional investors (DII) were net buyers of Indian stocks on Friday, purchasing shares worth about 19.44 billion rupees ($232 million) and 28.96 billion rupees, respectively.

STOCKS TO WATCH

** KEC International wins orders worth 10.79 billion rupees.

** Dr Reddy's gets U.S. FDA Form 483 with three observations for Srikakulam plant.

** Religare Enterprises says Enforcement Directorate conducted searches at premises of company officials.

** Lemon Tree Hotels signs licence agreement for a 175-room property in Surat.

($1 = 83.8020 Indian rupees)