Indian shares are expected to open marginally higher on September 1 after data showed the economy grew a stronger-than-expected 7.8% year-on-year in the April-June quarter, helped by robust investment, manufacturing and consumer demand.

GIFT Nifty futures pointed to a positive start for the Nifty 50, which closed at a one-month low of 24,080.4 on August 31. However, rising crude oil prices amid renewed Middle East tensions could limit gains. Brent crude rose to around $91 a barrel after fresh US-Iran attacks, while global bond yields climbed to new highs.

The Nifty fell 1.2% in August as geopolitical concerns weighed on sentiment. Foreign investors also sold Indian shares worth Rs 79.86 billion on August 31.

Markets will also track the weekly expiry of Nifty 50 derivatives, with a new closing auction mechanism expected to contribute to sharper swings in stocks and options.

Among stocks to watch, ITC said its IT arm will acquire a 22.1% stake in Happiest Minds for about Rs 13.3 billion. ONGC plans to invest Rs 1 trillion over five years in deepwater and ultra-deepwater exploration, while newly listed Milky Mist Dairy Food reported a sharp rise in April-June profit and a 43.6% increase in revenue.