India's NSE stock futures listed on the Singapore exchange were up 0.40% at 18,991.50 as of 07:30 a.m IST.

Wall Street equities closed sharply higher overnight on Wednesday and the dollar weakened, after Powell remarked it made sense to moderate the pace of rate hikes, while cautioning the fight against inflation was far from over.

Asian markets also rose in response, with the MSCI Asia ex-Japan index adding 2.29%.

Data on Wednesday showed the Indian economy logged 6.2% annual growth rate in July-September after double-digit expansion in the previous quarter. India's chief economic adviser V Anantha Nageswaran said that the GDP growth for the full fiscal year is likely to be 6.8%-7%.

Oil prices rallied, aided by weaker dollar and optimism over Chinese demand recovery, while the likelihood of OPEC+ to keep production unchanged capped gains. U.S. crude futures rose over 3% to $80.55 per barrel while Brent rose above $85.

On Wednesday, the NSE Nifty 50 index rose 0.75% to settle at 18,758.35, while the S&P BSE Sensex climbed 0.67% to end at 63,099.65, as the benchmarks closed at new highs for the fifth consecutive session.

Foreign institutional investors bought net of 90.10 billion Indian rupees ($1.11 billion) equities on Wednesday, while domestic investors sold 40.56 billion rupees worth of shares, as per provisional NSE data.

Stocks To Watch:

** Apollo Hospitals: Company approved issue of non-convertible debentures worth 1.05 billion rupees.

** Grasim Industries: Income Tax appellate tribunal quashed dividend distribution tax demand over the demerger of financial services business.

** Punjab National Bank: Lender hiked MCLR rates by 5 basis points across tenors, effective Dec. 1.

** MOIL: Company revised prices of different grades of Manganese Ore and other products, effective Dec. 1.

($1 = 81.3590 Indian rupees)

(Reporting by Bharath Rajeswaran and Akansha Victor in Bengaluru; Editing by Dhanya Ann Thoppil)