Dec 12 (Reuters) - Indian shares are set to open higher on Thursday, tracking other Asian peers, after in-line U.S. inflation data reinforced expectations of a Federal Reserve rate cut next week.

The Gift Nifty futures GIFc1 were trading at 24,742.5, as of 7:47 a.m. IST, indicating that the benchmark Nifty 50 .NSEI will open above Wednesday's close of 24,641.8.

Other Asian markets rose on the day, with the MSCI Asia ex-Japan index .MIAPJ0000PUS gaining 0.4%.

Most Wall Street equities closed higher overnight after data showed the U.S. consumer price index $(CPI.UK)$ rose 0.3% on a monthly basis and 2.7% on a yearly basis in November, matching the forecast by economists polled by Reuters. MKTS/GLOB

The odds of a 25-basis-points Fed rate cut rose to about 99% after the data from 89% a day ago, according to CME FedWatch.

A Fed rate cut next week is supportive for domestic equities in general as it could bring foreign inflows. India's information technology companies, which earn a significant share of their revenue from the U.S., could also benefit from a Fed rate cut, two analysts said.

Meanwhile, economists expect domestic inflation to have eased in November, a Reuters poll showed. The data is due after market hours later in the day.

Moderate inflation may allow the Reserve Bank of India (RBI) to cut interest rates in its next policy meeting in February amid rising growth concerns, two analysts said. The RBI kept rates unchanged in its policy meeting last week, but slashed bank's credit reserve ratio to boost liquidity.

STOCKS TO WATCH

** Godawari Power GDPI.NS enters into an agreement with GAIL GAIL.NS to supply regasified liquefied natural gas.

** Gland Pharma GLAD.NS receives U.S. drug regulator's approval for Phytonadione injectable emulsion that is used to treat blood clotting due to vitamin deficiency.

** Reliance Power RPOL.NS says its unit Reliance NU Suntech secured India's largest solar energy and battery storage project from Solar Energy Corporation of India.

** United Drilling Tools UNDR.NS secures order worth 1.49 billion rupees ($17.6 million) from Vedanta VDAN.NS.

($1 = 84.8360 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sumana Nandy)

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