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Indian shares are set to open little changed on Wednesday, tracking Asian peers, as investors await key inflation readings and the U.S. Federal Reserve's policy decision.

The GIFT Nifty traded at 23,307.50 as of 07:22 a.m. IST, indicating that the Nifty will open near its close of 23,264.85 on Tuesday.

Indian shares have, so far, remained muted this week as markets took a breather after the sharp election results-related rally last week.

Asian markets were also subdued, with the MSCI Asia ex-Japan index trading 0.06% lower.

Wall Street equities settled at record highs overnight, ahead of the Fed's policy decision and consumer price inflation data due later in the day. [MKTS/GLOB]

Analysts expect the Nifty to remain muted as key triggers such as election results and corporate earnings are over.

Foreign investors turned sellers on a net basis on Tuesday, offloading shares worth 1.11 billion rupees ($13.3 million), while domestic investors were net buyers, purchasing stocks worth 31.93 billion rupees, exchange data showed.

Stocks to watch:

- Larsen and Toubro: The company said private capex could pick up incrementally in the financial year 2025 after the general elections.

- IRB Infrastructure Developers: Ferrovial sells a 5% stake in the company.