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 Indian shares were set for a muted opening on Wednesday as sentiment remains weak after a lacklustre start to the quarterly earnings season amid weak global cues.

India's NSE stock futures listed on the Singapore exchange were down 0.04% at 17,714 as of 8:22 a.m. IST.

The benchmark Nifty 50 has fallen for two sessions in a row as earnings of top two information technology companies Tata Consultancy Services and Infosys failed to meet analysts' expectations. Besides, the commentary signalled uncertainty over sustained technology spending by clients in the U.S. and Europe.

"Investors have been nervous after the dismal fourth-quarter performance of IT companies, although IT Index recovered on Tuesday after the drubbing in the previous session," said Prashanth Tapse, senior vice president (research) at Mehta Equities.

Analysts expect the benchmark to remain volatile as corporate earnings trickle in.

Most Wall Street equities closed lower overnight, led by the reactions to earnings of Goldman Sachs, Johnson & Johnson and Bank of America, among others.

Mixed comments by the U.S. Federal Reserve officials on the future trajectory of the rate hiking cycle also added to caution. The probability of a 25 basis-point rate hike at the Fed meeting on May 3 is 84.6%. [.FEDWATCH]

Asian Equities remained subdued. [MKTS/GLOB]

Foreign institutional investors sold 8.11 billion rupees ($98.8 million) of equities on Tuesday. The FII selling over the last two sessions have added to the pressure on the markets. The Nifty 50 is down nearly 1% so far this week.

Stocks to Watch:

** ICICI Lombard: Co's quarterly profit jumps 40% YoY as premiums climb.

** Tata Coffee: Co reports 20% rise in Q4 profit on strong demand.

** Zydus Lifesciences: Co gets U.S. FDA approval for drug to prevent postmenopausal osteoporosis.

** Earnings today: Mastek, Tata Communications, Alok Industries, ICICI Securities, Artson Engineering.

($1 = 82.0780 Indian rupees)