Indian shares may open higher as traders trim Fed hike bets

Sept 4 (Reuters) - Indian shares were on track to open higher on Friday after four consecutive sessions of losses, as fading prospects of a U.S. Federal Reserve rate hike later this month lifted global equities and weighed on bond yields.

Federal Reserve Governor Christopher Waller said on Thursday he would support keeping interest rates unchanged at the U.S. central bank's next policy meeting if upcoming data confirms inflation pressures are easing.

Expectations for a rate increase at the Fed's mid-September meeting came down to roughly 50%, versus about 63% in the prior ⁠session, according to CME FedWatch.

GIFT Nifty futures were at 24,034.5 points as of 7:48 a.m. IST, indicating a positive start for the Nifty 50 index (.NSEI), opens new tab, which closed at 23,873.45 on Thursday.

The Nifty 50 and BSE Sensex (.BSESN), opens new tab are down 1.3% and 1.4%, respectively, for the week, on course for a fourth consecutive weekly loss as higher crude oil prices and bond yields weighed on sentiment.

Brent crude futures hovered around $96 per barrel as investors balanced risks from escalating Middle East tensions against hopes for a Russia-Ukraine peace ⁠deal.

Asian stocks (.MIAPJ0000PUS), opens new tab were up 1%.

Domestically, concerns over volatility linked to the new stock closing auction mechanism and strong primary market activity have weighed on equities.

India's market regulator said on Thursday it would review the methodology for determining derivatives settlement prices following feedback on the equity cash ⁠market's closing auction session.

Foreign investors sold Indian shares worth 2.35 billion rupees ($24.87 million) on Thursday, per provisional data.

STOCKS TO WATCH

** Gland Pharma (GLAD.NS), opens new tab will be in focus as media reports, opens new tab say Fosun Pharma ⁠may sell up to 5% stake worth 22.8 billion rupees in Indian pharmaceutical company via block deal

** Power Grid Corporation of India (PGRD.NS), opens new tab declared successful bidder for inter-state transmission ⁠project in Gujarat

** Cipla (CIPL.NS), opens new tab says its unit entered an exclusive partnership with China's Qilu Pharmaceutical to license a biosimilar version of Merck's (MRK.N), opens new tab cancer drug Keytruda for the U.S. market

($1 = 94.4850 Indian rupees)

Reporting by Vivek Kumar M; Editing by Sherry Jacob-Phillips

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