Sensex and Nifty 50 are set for a muted start on Wednesday, mirroring Asian peers, as investors await the U.S. Federal Reserve's rate decision later in the day.

The Gift Nifty futures were trading at 25,909 points as of 7:53 a.m. IST, indicating that the benchmark Nifty 50 will open near Tuesday's close of 25,839.65.

MSCI's broadest index for Asia Pacific stocks outside Japan fell 0.2% on the day, while the dollar and Treasury yields rose on Tuesday.

The Fed is widely expected to cut rates at its ongoing meeting, but investors expect policymakers to remain divided.

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"GIFT Nifty is indicating a flat start (for Indian equities), reflecting defensive positioning as event risk dominates sentiment," said Ponmudi R, chief executive officer at Enrich Money.

The Nifty 50 and Sen

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