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India's equity benchmarks were set for a muted open on Tuesday amid caution over a delay in interim trade deal with the United States, sustained foreign outflows and weak earnings.

The Gift Nifty futures were trading at 24,665 points as of 7:49 a.m. IST, indicating that the Nifty 50 will open near Monday's close of 24,680.9, the lowest closing level since June 4.

The benchmark Nifty and Sensex have both fallen in the last three sessions, losing over 2% each during the period.

Foreign portfolio investors sold Indian shares worth 60.81 billion rupees ($700.92 million) on Monday, as per provisional data, marking their biggest selling in India since May 30.

Investors are worried about the repercussions of a delay in the trade deal with the U.S. ahead of President Donald Trump's August 1 deadline.

Negotiations between India and the United States remained deadlocked over tariff cuts on agriculture and dairy products, Reuters reported last week citing two Indian government sources.

Trump said on Monday most trading partners that do not negotiate separate deals would soon face tariffs of 15% to 20% on their exports to the U.S., well above the broad 10% tariff he imposed in April.

Meanwhile, domestic earnings season has been mixed, with lenders Kotak Mahindra Bank and Axis Bank, and top information technology companies posting weaker-than-expected numbers.

STOCKS TO WATCH

** IndusInd Bank swings back to profit in the first quarter after its biggest-ever loss in the previous three months, but its asset quality worsened

** JK Paper reports eighth straight quarter of a decline in profit and says it will acquire a 72% stake in private peer Borkar Packaging for 2.35 billion rupee

** Renewable energy power generator NTPC Green Energy and Solar module maker Waaree Energies both posted higher quarterly revenue and profits