(Reuters) - Indian shares will likely open little changed on Wednesday after a rise in October retail inflation dampened hopes of a rate cut by the Reserve Bank of India (RBI) next month, adding to market worries amid dull earnings and sustained foreign outflows.

The Gift Nifty futures were trading at 23,897.5 as of 07:58 a.m. IST, indicating that the benchmark Nifty 50 will open near its Tuesday's close of 23,883.45.

The benchmarks Nifty 50 and BSE Sensex lost about 1% each in the last session, dragged down by losses in Britannia after it missed quarterly profit expectations and persistent foreign selling.

Foreign outflows, which continued for the 32nd straight session on Tuesday, aggregated to about $14 billion as investors redirected funds to China on Beijing's stimulus measures and cheaper valuations. This has triggered a nearly 9% fall in Nifty 50 from the record high hit on Sept. 27.

A dull domestic earnings season, the worst in more than four years, has also hurt investor sentiment.

Data released post-market on Tuesday showed October retail inflation at a 14-month high, dashing the hopes of an RBI rate cut in December to support economic growth.

Other Asian markets opened lower. The MSCI Asia ex-Japan index shed about 0.6% after Wall Street's rally paused overnight, with U.S. Treasury yields rising and the dollar hitting a more than six-month high, as investors weighed the impact of U.S. President-elect Donald Trump's likely path of policies. [MKTS/GLOB]

Oil prices held near a two-week low, while metal prices dropped on weak demand outlook on disappointment over China's latest stimulus plan. [O/R] [ MET/L]

Among individual stocks, online food and grocery delivery platform Swiggy's market debut will be in focus. The $1.4 billion initial public offering at an issue price of 390 rupees was subscribed 3.59 times last week.

STOCKS TO WATCH

** Aurobindo Pharma's Hyderabad facility gets good manufacturing practice (GMP) certificate of compliance from the European Medicines Agency.

** PNB Housing Finance is likely to see a 9.43% stake sale by Quality Investment Holdings, media reports said.

** Auto parts maker Samvardhana Motherson misses second-quarter profit estimates as car sales slump.

** PNC Infratech posts drop in September-quarter profit.

($1 = 84.3770 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sumana Nandy)