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Indian shares are set to open higher on Wednesday, tracking global markets, on easing U.S. rate concerns following further dovish comments by key Federal Reserve officials and stability in oil prices.

India's GIFT Nifty was trading up 0.08% at 19,792.50 as of 8:08 a.m. IST, indicating that the Nifty 50 will open higher from Tuesday's close of 19,689.85.

Wall Street equities advanced overnight after Atlanta Fed Bank President Raphael Bostic said that the central bank does not need to raise rates any further. Bostic also added that the Fed does not expect a recession ahead.

The remarks, which followed dovish comments by other key Fed officials on Monday, eased worries over further rate hikes.

U.S. Treasury yields, which rose to multi-year highs last week, fell on Tuesday. The benchmark 10-year yield posted its largest drop in nearly three months. Asian markets opened higher. [MKTS/GLOB]

Meanwhile, investors kept tabs on the military conflict in the Middle East. Israel has vowed to escalate its response to an attack by the Palestinian militant group Hamas with a ground offensive.

Brent crude futures, which jumped over 4% on Monday, fell 0.57% on Tuesday and hovered below $88 per barrel on Wednesday.

Investors also await the September quarter earnings of India's top information technology company Tata Consultancy Services, due later in the day.

Other IT services providers like HCL Tech and Infosys are scheduled to report their results on Thursday.

Foreign institutional investors (FIIs) extended their selling streak for the 15th consecutive session on Tuesday, offloading Indian shares worth a net 10.05 billion rupees ($120.83 million). Domestic institutional investors (DIIs) bought shares worth 19.63 billion rupees.

STOCKS TO WATCH:

** Other major earnings on Wednesday: Delta Corp.

** Bank of Baroda: Reserve Bank of India bars lender from adding customers to its mobile app.

** Birla Corporation: Co gets order from Office of Collector (Mining, Satna, Madhya Pradesh), imposing penalty of 84.3 million rupees for excess production of limestone from captive mining without environmental clearance.

($1 = 83.1740 Indian rupees)