Indian shares are set for a muted opening on Wednesday after rallying in the previous session, as rising oil prices and sustained foreign fund outflows weighed on investor sentiment amid the ongoing corporate earnings season.

GIFT Nifty futures stood at 22,764 at 7:50 am IST, signalling a muted start for the Nifty 50, which closed at 22,721.95 on Tuesday.

The Nifty and Sensex gained around 1.6% each on Tuesday, led by information technology stocks after HCLTech reported quarterly earnings that beat market expectations.