India's GIFT Nifty was trading at 21,730 as of 8:00 a.m. IST, suggesting the NSE Nifty 50 will open above its close of 21,618.70 on Wednesday.

The MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.75%, after falling for seven consecutive sessions. Wall Street equities closed higher overnight. [MKTS/GLOB]

Information technology stocks will be in focus as market leaders Tata Consultancy Services and Infosys are due to report quarterly results post market hours, kicking off the earnings season in earnest.

While their results are expected to be subdued due to weak spending by key U.S. clients, the forecasts will be in focus.

U.S. inflation data, due later in the day, will also be on investors' radar. A soft print will likely fortify bets of a rate cut in March, making stocks, and IT stocks in particular, attractive.

Investors will also look to domestic inflation print, due on Friday. India's inflation likely rose in December but remained within the central bank's target range, the data is expected to show.

Elevated inflation due to high food prices could keep the Reserve Bank on India on an extended rate pause and weigh on rate-sensitive sectors like consumer, real estate, and auto.

"The release of U.S. and Indian inflation data may provide a near-term direction in the market," said Vinod Nair, head of research at Geojit Financial Services.

Foreign institutional investors net sold shares worth 17.21 billion rupees ($207.3 million) on Wednesday, while domestic investors net bought 20.80 billion rupees of shares, according to exchange data.

STOCKS TO WATCH:

** Bank of India: State-owned bank posted 8.66% year-on-year rise in total deposits in the December quarter, according to its business update.

** Phoenix Mills: Company reported 30% year-on-year growth in gross retail collections at 7 billion rupees in the third quarter of fiscal 2024.

** CESC: Company received order from Uttar Pradesh Electricity Regulatory Commission for procurement of power for five years.

** Major earnings on Thursday: Tata Consultancy Services, Infosys and HDFC Asset Management.

($1 = 83.0330 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Varun H K)