Indian shares are set for a muted opening on Wednesday, tracking broader Asian peers ahead of key US economic data.

The GIFT Nifty was trading at 22,229 as of 7:40 a.m. IST, indicating that the NSE Nifty 50 will open marginally above Tuesday's close of 22,198.35.

While the benchmark Nifty 50 hit fresh record highs in every session last week, it has traded within a narrow 150-point range for three consecutive sessions.

"The market is looking ahead to key economic data, both domestic and global, with US inflation grabbing the most attention, as that will provide fresh signals on interest rate cuts," said Vinod Nair, head of research at Geojit Financial Services.

Asian markets opened flat, while Wall Street equities closed mixed overnight, after data showed a more-than-expected decline in consumer confidence in February.

Investors are awaiting the US Federal Reserve's preferred measure of inflation, the core personal consumption expenditures (PCE) price index, due on Thursday, as they seek clues on the timing of the first rate cut.

Hopes of an early US rate cut have faded, as markets are now pricing in a likely cut in June, compared to earlier expectations of March, on the back of recent hotter-than-expected inflation and robust labour market data.

Domestic data, also due after closing bell on Thursday, is expected to show India's growth likely moderated to 6.6 per cent year-on-year in the October-December quarter.

Foreign investors net sold shares worth ₹1,509 crores ($182 million) on Tuesday, while domestic institutional investors bought shares worth ₹2,862 crores.


** Vodafone Idea: Company approved plan to raise over $5 billion through equity and debt, to roll out its 5G network service and expand 4G coverage.

** ONGC: Company incorporated unit ONGC Green to engage in renewable energy, bio-fuels and bio-gas, green hydrogen businesses.

** GE T&D India: Company received orders worth ₹370 crore from Power Grid Corporation of India to supply shunt reactors for transmission projects.