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 Indian shares are set for a muted opening on Wednesday, tracking weakness in global equity markets as investors continue to grapple with prospects of higher interest rates denting economic growth.

India's GIFT Nifty was mostly unchanged at 19,609 points at 7:34 a.m. IST on the NSE International Exchange.

The Nifty 50 ended largely flat for a second straight day on Tuesday at 19,664.70 points, while the S&P BSE Sensex slipped 0.1% to 65,945.47 points.

Both the benchmarks are down nearly 3% after hitting all-time highs in mid-September. The U.S. Federal Reserve's hawkish tone has weakened risk appetite and Wall Street's main indexes ended down more than 1% on Tuesday on the back of surging treasury yields. [MKTS/GLOB]

Meanwhile, foreign investors remained net sellers this month, offloading about $1.5 billion of shares as of Sept. 22, after pouring over $15 billion into Indian equities this year.

Foreign investors sold 6.93 billion rupees of shares, while domestic investors bought 7.14 billion rupees shares on Tuesday, provisional exchange data showed.

STOCKS TO WATCH:

** Adani Ports said its finance committee approved an offer to purchase up to $195 million of its 3.375% senior notes due 2024

** Vedanta: Moody's downgrades unsecured bonds, corporate family rating of Vedanta Resources

** Borosil Renewables says Indian court quashed tax demand notice of 195.3 million rupees