Indian shares are set for a muted start on Wednesday, after snapping a four-session winning streak in the previous session, tracking Asian peers ahead of the Federal Reserve Chair's congressional testimony and key U.S. jobs data.

The GIFT Nifty was trading at 22,415 as of 7:53 a.m. IST, indicating that the Nifty 50 will open near its Tuesday's close of 22,356.30.

Both the Nifty 50 index and BSE Sensex logged losses on Tuesday, pulling back from four straight sessions gains after data showed India's economy grew at its fastest pace in six quarters.

"Markets were lacklustre ahead of key U.S. economic data and Fed Chair Powell's comments on interest rate," said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services. "Domestic equities are likely to consolidate further in the near term."

Asian markets were muted on the day, while Wall Street equities closed lower overnight ahead of the Fed Chair's congressional testimony and key labour market data, due later in the week.

Foreign portfolio investors bought shares worth 5.74 billion Indian rupees ($69.25 million) on Tuesday, while domestic institutional investors purchased 18.35 billion rupees worth of shares.

STOCKS TO WATCH

JM Financial: Reserve Bank of India barred company from financing against shares, debentures.

JSW Energy: Company's unit signed a battery energy storage purchase agreement with Solar Energy Corp.

Wipro: Company bought 27 per cent stake in SDVerse LLC for $5.85 million; SDVerse is a joint venture of Wipro, General Motors and auto parts supplier Magna.

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