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Indian shares are set to open lower on Wednesday, tracking global peers, as a modest rate cut from China and caution ahead of U.S. Federal Reserve Chair Jerome Powell's congressional testimony weighed on sentiment.

India's NSE stock futures listed on the Singapore Exchange were down 0.10% at 18,861.50, as of 7:59 a.m. IST.

Wall Street equities declined overnight, ahead of Powell's testimony before the financial affairs committee of U.S. House of Representatives, due at 7:30 p.m. IST.

Asian markets fell as China's modest rate cut dragged down sentiment. [MKTS/GLOB]

The Nifty and Sensex reversed losses in the final hour on Tuesday, inching close to all-time high levels. Among broader peers, midcaps closed at a new record high, while smallcaps hit a fresh 52-week high.

The near-term uptrend in the Nifty remains intact, said Nagaraj Shetti, technical research analyst at HDFC Securities. "One may expect the Nifty to zoom to all-time highs in the next few sessions."

Foreign institutional investors sold 19.43 billion rupees ($236.8 million) worth of Indian equities on a net basis on Tuesday, while domestic investors bought 19.73 billion rupees of shares, as per provisional NSE data.

STOCKS TO WATCH

** HDFC Life Insurance Company: India's competition regulator approves proposed combination involving the acquisition of additional shareholding of the company by Housing Development Finance Corporation

** HDFC Asset Management Company: Societe Generale, Zulia Investments, SBI Mutual Fund and Smallcap World Fund bought a combined 9.91 million shares (4.64% stake). abrdn Investment Management sold its entire 10.2% stake at 1,873 rupees per share.

** Shriram Finance: Piramal Enterprises to sell entire 8.34% stake in company via block deals, according to reports.

** Rail Vikas Nigam: Reports on breaking of joint venture between company and Transmashholding (TMH) is facturally incorrect.

($1 = 82.0704 Indian Rupees)