BENGALURU (Reuters) - Indian shares are set to open higher on Wednesday, in tandem with Asian peers as traders reassess fears over U.S. recession, while realty stocks will be in focus on reports of a likely revision to long-term capital gains (LTCG) indexation proposal.

The GIFT Nifty was at 24,309.5 points, as of 8:30 a.m. IST, suggesting the NSE Nifty 50 will open above its Tuesday's close of 23,992.55.

Both benchmark indexes Nifty 50 and S&P BSE Sensex opened higher on Tuesday to climb about 1.2%, before reversing gains as traders continued to lock in profits.

The Nifty and the Sensex have lost about 4% each in the last three sessions.

"We expect the markets to remain under pressure until the global volatility subsides. The ongoing results season and Reserve Bank of India's (RBI) monetary policy will further add to the volatility," said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services.

The RBI is likely to stand pat on rates on Thursday for the eighth consecutive meeting, with the inflation rate staying above 5% in June, according to a Reuters poll.

"While the rate pause is priced in, markets will take any dovish commentary from the Reserve Bank of India as a positive, but at elevated valuations, upside potential for the markets are capped," said Avinash Gorakshakar, head of research at Profitmart Securities.

Asian markets opened higher, with the MSCI Asia ex-Japan index rising 1.3%. Japan's Nikkei 225 added 2.7%.

Wall Street equities advanced overnight, rebounding from the sharp sell-off on Monday, as comments from key Federal Reserve officials eased U.S. recession worries. [MKTS/GLOB]

India's real estate companies are likely to rise as traders gauge reports that said the government might move an amendment in the Finance Bill allowing taxpayers to select either 12.5% LTCG taxes without indexation or 20% LTCG with indexation for property bought before July 23, 2024.

Finance Minister Nirmala Sitharaman is expected to present the amendment later in the day.

STOCKS TO WATCH

** Lupin reports higher-than-expected net profit in June quarter.

** Tata Power beats June-quarter profit view on summer, industrial demand.

** Hindalco Industries has been booked by the country's central probe agency for alleged corruption in getting environmental clearances for coal mining between 2011 and 2013, Press Trust of India reported, citing officials.

** Gland Pharma posts surprise fall in June-quarter profit, hurt by high employee costs and lower prices for its products in the U.S.

($1 = 83.9090 Indian rupees)

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