Sensex, Nifty set to open higher amid positive global cues

Stock market news: The Indian equity benchmarks are set to open higher as indicated by Gift Nifty futures traded at Gandhinagar. Gift Nifty futures rose 0.28 per cent or 69 points to 24,885 indicating a start above important psychological level of 24,800.

Most of the Asian markets were trading higher with Japan's Nikkei rising 1.11 per cent, Australia's S&P ASX 200 gaining 0.24 per cent, South Korea's KOSPI advancing 0.13 per cent and Hong Kong's Hang Seng gaining 0.67 per cent.

Overnight, US markets ended higher after minutes of the latest FOMC meet indicated strong case of rate cut in the upcoming US Federal Reserve meet in September.

The Dow Jones rose 0.14 per cent, tech heavy Nasdaq gained 0.57 per cent and S&P 500 advanced 0.42 per cent.

Back home, foreign institutional investors sold shares worth Rs 800 crore on Wednesday while domestic institutional investors bought stocks worth Rs 3,097 crore, data from stock exchanges showed.

Paytm and Zomato shares will be on investors radar as Zomato is set acquire Paytm's entertainment ticketing business.

Paytm has meanwhile announced that it has reduced salaries of non-executive independent directors.

IREDA and Zen Technologies will be in focus as both the companies plan to raise funds via FPO and QIP respectively.

In the IPO space, Orient Technologies IPO got fully booked on the first day of subscription.