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Indian shares were set for a muted open on Wednesday ahead of the Federal Reserve's release of minutes from its December meeting, where the central bank is expected to give a glimpse of its policy tightening path in 2023.

India's NSE stock futures listed on the Singapore exchange were down 0.29% at 18,253.00, as of 8:10 a.m. IST on Wednesday.

Wall Street equities fell ahead of Fed minutes scheduled to be released later in the day, with markets expecting signs of more policy tightening.

Asian markets, however, recovered from a mixed start, with MSCI Asia ex Japan, rising 0.97%. [MKTS/GLOB]

Some losses in Indian equities could be capped by oil prices, which fell on Tuesday over demand concerns in China and the strengthening of the U.S. dollar. [O/R]

Lower oil prices aid oil-importing countries like India, where crude constitutes the bulk of the country's import bill.

Foreign institutional investors sold 6.28 billion rupees ($75.86 million) worth of equities on a net basis on Tuesday, while domestic investors bought about 3.51 billion rupees ($42.40 million) worth of shares, as per provisional NSE data.

STOCKS TO WATCH

** RailTel Corporation: Co received work order, worth 1.86 bln rupees from South Eastern Coalfields for providing MPLS VPN services.

** Avenue Supermarts: Co reports 24.7% YoY rise in Q3 revenue from operations at 113.05 bln rupees.

** Vedanta: Total aluminium production falls 2% YoY in third quarter to 5,66,000 tonnes.

** Orient Cement, Adani Enterprises: Adani group is said to be in talks to buy promoter stake in Orient Cement, according to reports. Exchanges have sought clarification from Orient Cement on the reports.

** LTIMindtree: Venugopal Lambu resigned from position of Whole-time Director and President, Markets II. His last working day will be Jan. 10, 2023.