India's GIFT Nifty on the NSE International Exchange was up 0.03% at 19,395 at 8:05 a.m. IST.

The Nifty 50 and Sensex rose on Monday, as a rebound in information technology (IT) and financial stocks outweighed a slide in Reliance Industries following spin-off Jio Financial's weak market debut.

Analysts expect the market to witness further consolidation due to weak macroeconomic conditions and volatility in global markets.

Asian markets gained marginally on Tuesday after declining in the previous session, after China issued a smaller-than-expected cut to key lending rates, triggering concerns over deflation and economic recovery.

Wall Street closed mixed overnight, with tech-heavy Nasdaq adding over 1.5%, aided by semiconductor firm Nvidia on earnings optimism, which is due on Wednesday. [MKTS/GLOB]

Investors now await comments from U.S. Federal Reserve Chair Jerome Powell on Friday at a meeting of central bankers at Jackson Hole in Wyoming, for clues on policy tightening by the U.S. central bank.

Recent inflation, retail sales and labour data in the U.S. have triggered concerns of prolonged high interest rate regime among investors.

Domestic investors also await the minutes of the latest monetary policy meeting of the Reserve Bank of India, due on Thursday.

Foreign institutional investors sold Indian shares on a net basis on Monday, offloading 19.01 billion rupees ($228.8 million), while domestic institutional investors bought shares worth 6.26 billion rupees, according to provisional National Stock Exchange data.

STOCKS TO WATCH:

** Adani Enterprises: Top shareholder Kempas Trade and Investment hikes stake in company to 69.87% from 67.65%.

** Welspun Enterprises: Company buys 50.10% stake in Michigan Engineers for 1.37 billion rupees.

** Tata Power: Subsidiary Tata Power Renewable Energy signs power purchase agreement for 9MWp on campus solar plant with Tata Motors for a plant in Uttarakhand.

** Brigade Enterprises: Company enters into a sale deed to buy 6.54 acres of land parcel in Chennai, to develop a residential project.

($1 = 83.0800 Indian rupees)

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