(Reuters) - Indian shares are set for a muted start on Tuesday as investors await the U.S. Federal Reserve's latest monetary policy meeting minutes to gauge the central bank's future rate-hiking path.
India's NSE stock futures listed on the Singapore exchange were up 0.06% at 17,876 as of 8:12 a.m. IST.
U.S. markets were shut on Monday due to the President's day holiday. Non-U.S. assets were mixed as investors tread cautiously a day ahead of the release of Fed minutes.
The minutes would likely provide cues on the future rate-hike trajectory of the U.S. central bank. Recent data has heightened inflation concerns, sparking fears of a prolonged higher interest-rate regime in the world's largest economy.
Asian markets declined, with the MSCI's broadest index of Asia-Pacific shares outside Japan shedding 0.26%.
Foreign institutional investors extended their selling streak for the second day on Monday, offloading a net 1.59 billion rupees ($19.22 million) of equities.
Analysts expect the Nifty 50 to trade between 17,800 and 18,300 in the next two weeks.
STOCKS TO WATCH
** ACC, Ambuja Cements: Companies will resume operations at two plants in Himachal Pradesh after resolving issues over freight rates. The two plants have been shut for more than two months.
** Adani Ports: Co to prepay $121 million short-term debt due in March, reports Bloomberg News.
** InterGlobe Aviation: Co's promoter group member Shobha Gangwal informs exchanges that her shareholding was trimmed to 2.99% from 7.04%.
** GR Infraprojects : Co emerges as the lowest bidder for two separate tenders worth 17.38 bln rupees and 18.75 bln rupees, respectively.
** BEML : Co signs memorandum of understanding with Delhi Metro Rail Corporation-led special purpose vehicle to supply metro rolling stocks for Bahrain metro rail project.