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Indian shares were set to open lower on Wednesday on a slowdown in domestic economic growth in the December quarter, persistent rate hike concerns in the U.S. and sustained foreign selling in domestic equities.

India's NSE stock futures listed on the Singapore exchange were down 0.16% at 17,371.50, as of 7:49 a.m. IST.

India's economic growth slowed to 4.4% in the December quarter - below expectations of a 4.6% growth and slower than the previous quarter's 6.3% growth - as pent-up demand eased and weakness in the manufacturing sector continued.

Wall Street equities fell on concerns about a prolonged high interest rate regime as recent economic data from the U.S. indicated a surge in inflation.

Asian markets recovered from a mixed start after China's manufacturing data came in stronger than expected. The MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.89%. [MKTS/GLOB]

Adding to the concerns is the sustained foreign selling in Indian equities. Foreign institutional investors (FII) offloaded a net 45.59 billion rupees worth of equities on Tuesday.

Foreign portfolio investors (FPIs) have sold a net 341.46 billion rupees worth of Indian equities in 2023 so far.

Indian equities logged their longest losing streak in nearly four years on Tuesday, with the benchmark Nifty closing below the 200-day moving average and logging its third consecutive monthly loss.

STOCKS TO WATCH ** Zydus Lifesciences: Co gets final approval from U.S. drug regulator for multiple tablets.

** Axis Bank: Lender to complete acquisition of Citibank's India consumer business and NBFC consumer business on March 1, 2023.

** Power Grid: Co emerges as successful bidder to establish an interstate transmission line in Gujarat.

** Adani Enterprises: Co's unit gets a Letter of Intent from Odisha government for the Kutrumali bauxite block in Odisha.

** Samvardhana Motherson: Co completes purchase of assets of frame manufacturing and assembly operations of Daimler India Commercial Vehicles.