(fxcue news) - Indian shares look set to open higher on Thursday as investors react to encouraging industrial output data, upbeat Nvidia earnings and a U.S. court ruling blocking President Trump's "Liberation Day" tariffs, citing overreach of power. India's industrial production growth moderated in April, though at a slower-than-expected pace, official data showed. Industrial production rose 2.7 percent year-over-year in April, after an upwardly revised 3.9 percent growth in March. The expected increase was 1.0 percent. Artificial intelligence kingpin Nvidia beat Wall Street's lowered targets for its fiscal first quarter and delivered a solid sales forecast, soothing investor fears about a China slowdown. At the same time, personal computer maker HP cut its annual profit forecast, citing tariff-related costs and increased macroeconomic uncertainty. On the tariff front, a U.S. federal court has blocked Donald Trump's attempt to impose sweeping tariffs under emergency powers, saying he extended his authority. That said, the ruling can now be appealed by the Trump administration in federal court. Also, analysts say the administration has enough powers to bypass the ruling and implement tariffs on several grounds. The court decision helped offset a Financial Times report that the White House had ordered U.S. firms that offer software used to design semiconductors to stop selling their services to Chinese groups. Separately, the New York Times reported that Trump has stopped some critical products and technologies made only in the United States from flowing to China. Elsewhere, Trump became angry with a reporter who asked about "TACO trade," which stands for "Trump Always Chickens Out" on tariffs. He explained that setting ridiculously higher tariffs were part of negotiation and it was a tactic. Asian markets were broadly higher this morning, tracking gains in U.S. index futures. The dollar rallied and Treasury yields rose amid diminished expectations for near-term Federal Reserve rate cuts. Oil prices climbed on expectations of tighter supply while gold fell over 1 percent to around $3,250 per ounce levels. U.S. stocks ended lower overnight as investors digested hawkish FOMC minutes and braced for Nvidia's earnings results. According to minutes from the Federal Reserve's May 6-7 meeting, "almost all" Fed officials judged that downside risks to employment and ... upside risks to inflation had risen, primarily reflecting the potential effects of tariff increases. The Dow and the S&P 500 both fell around 0.6 percent, while the tech-heavy Nasdaq Composite declined half a percent. European stocks also closed lower on Wednesday due to U.S. deficit concerns and Trump's ever-shifting tariff policies. The pan European STOXX 600 fell 0.6 percent. The German DAX shed 0.8 percent, France's CAC 40 dipped half a percent and the U.K.'s FTSE 100 gave up 0.6 percent. Closer home, benchmark indexes Sensex and Nifty fell around 0.3 percent each on Wednesday to extend losses for a second day running in the wake of fund outflows due to large block deals and increased primary market activity. The rupee pared losses and settled on a flat note at 85.40 against the U.S. dollar.