(fxcue news) - Indian shares look set to open on a positive note Tuesday, tracking firm cues from Wall Street and Europe. That said, higher levels may trigger profit taking as the session progresses. Benchmark indexes Sensex and Nifty ended a choppy session narrowly mixed on Monday, while the rupee gained 8 paise to close at 83.87 against the dollar. Asian stocks traded mixed this morning as the People's Bank of China kept its benchmark loan prime rate unchanged following a surprise cut in July. Investors also assessed minutes from the Reserve Bank of Australia's August meeting and looked ahead to the release of FOMC meeting minutes and Fed Chair Jerome Powell's Jackson Hole Speech for clues on the pace and timing of interest-rate cuts. The dollar held near a seven-month low and Treasury yields dipped on expectations that the Federal Reserve will soon signal it's ready to start cutting interest rates. As recession worries ease, the U.S. central bank is expected to cut rates by 25 basis points at each of the three remaining 2024 meetings. Gold held ground above $2,500 per ounce in Asian trading. Oil extended losses, after having fallen by about 2 percent on Monday as China demand worries persisted, and Israel accepted a proposal to tackle disagreements blocking a ceasefire deal in Gaza. U.S. stocks rose overnight amid a broad-based rally as economic worries subsided and Fed officials signaled readiness to start interest-rate cutting cycle. In economic news, a reading on leading indicators fell much more than expected in July but didn't signal recession. The tech-heavy Nasdaq Composite surged 1.4 percent and the S&P 500 added 1 percent to end higher for the eighth consecutive session while the Dow edged up 0.6 percent. European stocks extended gains for a fifth day running on Monday as investors awaited further clues on the U.S. economy. The pan European STOX 600 gained 0.6 percent. The German DAX rose half a percent, France's CAC 40 climbed 0.7 percent and the U.K.'s FTSE 100 advanced 0.6 percent.