India's GIFT Nifty on the NSE International Exchange was down 0.02% at 19,837, as of 7:59 a.m. IST.

Both the Nifty 50 and Sensex hit fresh highs for the fourth session in a row on Wednesday, powered by a late-session resurgence in Reliance Industries and financials on strong earnings.

Reliance, India's most valuable company, will demerge its financial services business on Thursday, with the stock exchanges set to hold a special "price discovery" session for the first time ever to determine the value of Jio Financial Services' shares. Several analysts expect the financial services business to be valued at 160-190 rupees per share.

The conglomerate has been a major factor behind the recent rise in Indian shares, with the stock rising 8% since the announcement of the record date for the demerger on July 8. The Nifty 50 has risen 2.6% over the same period.

Global equities advanced on improved sentiment following a surprise moderation in inflation in the United Kingdom, amid rising hopes that the U.S. Federal Reserve is nearing the end of its monetary policy tightening. Asian markets edged higher. [MKTS/GLOB]

Investors also await the June-quarter earnings of top Nifty 50 firms Infosys and Hindustan Unilever, due later in the day.

Foreign institutional investors bought 11.65 billion rupees ($142.04 million) worth of Indian equities on a net basis on Wednesday, while domestic investors sold 21.35 billion rupees of shares, as per provisional NSE data.

STOCKS TO WATCH:

** Dr Reddy's Laboratories: U.S. FDA completes pre-approval inspection at the drugmakers's API manufacturing facility in Andhra Pradesh with zero observations.

** Olectra Greentech: Co awards contract worth 3.95 billion rupees for the construction of greenfield electric vehicles (EV) manufacturing facility to Megha Engineering.

** Shree Cement: Co gets letter from Ministry of Corporate Affairs informing order of inspection.

** Tata Communications: Co reports 30% slide in profit in June quarter on higher costs.

($1 = 82.0200 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia Cheema)