Feb 4 (Reuters) - India's blue-chip indexes are poised to open higher on Tuesday, likely to track the positive momentum in other Asian markets, after the U.S. paused its planned tariffs on Canada and Mexico, easing concerns over a potential worldwide trade war.

The GIFT Nifty futures GIFc1 were trading at 23,538, as of 8:09 a.m. IST, indicating that the blue-chip NSE Nifty 50 .NSEI will open above Monday's close of 23,361.05.

Asian markets rose on the day after U.S. President Donald Trump paused tariffs on Canada and Mexico for a month, though levies on China are due to take effect at 10:31 a.m. IST.

Wall Street equities closed lower overnight, but partly recovered from initial steeper losses following Trump's decision. MKTS/GLOB.N

The Indian rupee sank to a record low in the previous session, as Trump's tariff plans spurred a dollar rally and unnerved global financial markets.

Both the Nifty and BSE Sensex .BSESN indexes have lost about 0.5% each since the union budget on Feb. 1, as global trade concerns offset the rise in consumption-linked sectors on personal tax cuts.

Despite the global trade fears, markets will see the budget as a positive as several stocks linked to the consumption theme are available at favourable valuations after the recent correction, according to several analysts.

Derivatives data at the close of the January series also indicated a potential relief rally for Indian stocks in February, fuelled by growing expectations of a rate cut by the Reserve Bank of India later in the week to support the economy.

India's Nifty 50 is 11.1% below their all-time highs hit on Sept. 27, 2024. The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 are about 15.7% and 13% lower than their record-high levels.

The ongoing correction in Indian markets has been triggered by concerns over a lacklustre earnings season, slowing economic growth and persistent foreign outflows.

STOCKS TO WATCH

** Power Grid Corp of India PGRD.NS misses December-quarter profit view on sluggish demand

** Gland Pharma GLAD.NS posts higher Q3 profit, as lower expenses mitigate impact from production issues at French unit Cenexi

** Asian Paints ASPN.NS and Titan TITN.NS will be in focus ahead of their December-quarter earnings

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sherry Jacob-Phillips)

((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))