BENGALURU: Indian shares are set to open marginally higher on Wednesday, with the benchmark Nifty 50 reaching fresh all-time highs, aided by sustained domestic inflows, while Asian peers remain muted amid fading hopes of a US rate cut.

India’s GIFT Nifty was trading at 22,251.50 as of 8:01 a.m. IST, indicating that the NSE Nifty 50 will open above its Tuesday’s close of 22,196.95.

The blue-chip indexes, Nifty 50 and BSE Sensex, have gained for six straight sessions, each adding about 2.7% over that period.

The Nifty 50 has hit new record highs in each of the two sessions so far this week.

In contrast, other Asian peers remained subdued over the last six sessions and were muted on the day, in the face of fading expectations of an early rate cut in the US and unimpressed by China’s measures to support its ailing property sector.

Indian shares muted after five-session rally, tracking Asian peers

Despite the hot US inflation prints last week prompting foreign selling, domestic institutional investors (DII) have emerged as net buyers in 12 of the 14 sessions so far in February.

The have added stocks worth 193.37 billion rupees ($2.3 billion), including 14.91 billion rupees on Tuesday, according to provisional stock exchange data.