(Reuters) - Indian shares are set to open little changed on Wednesday, as investors await key inflation data from the U.S. later in the day and the domestic inflation print on Thursday for cues into the rate trajectories of the two countries.

The Gift Nifty futures were trading at 24,688, as of 7:52 a.m. IST, indicating that the benchmark Nifty 50 will open near Tuesday's close of 24,610.05.

The benchmark index traded in a narrow range of less than 170 points in the last two sessions after logging gains in the previous three weeks ended Friday.

"Caution ahead of the crucial inflation readings from both India and the U.S. this week is keeping domestic equities subdued," said Vikram Kasat, head of advisory of PL Capital at Prabhudas Lilladher.

The U.S. inflation data will likely shape the Federal Reserve's interest rate outlook, which could impact foreign inflows into emerging markets such as India.

A Reuters poll of economists found that 90% anticipate a 25-basis-points Fed rate cut at the Dec. 18 meeting.

Economists are expecting domestic inflation to have eased in November, the poll showed.

The Reserve Bank of India (RBI) kept interest rate unchanged last week due to elevated inflation, but eased monetary conditions by slashing the cash reserve ratio (CRR) amid a growth slowdown.

Asian markets were off to a muted start on the day, while Wall Street equities slipped overnight ahead of the U.S. inflation print. [MKTS/GLOB]

Both foreign institutional investors and domestic institutional investors were net buyers of Indian shares on Tuesday, purchasing stocks worth 12.86 billion rupees ($151.5 million) and 6.06 billion rupees, respectively.

STOCKS TO WATCH

** NTPC Green Energy wins a 500-megawatt solar power contract at Solar Energy Corporation of India auction.

** Life Insurance Corp of India increases stake in paints maker Asian Paints to 7.01% from 5.001%.

** Indian Overseas Bank receives 13.59 billion rupees refund order from the Income Tax department.

** BEML bags an order from the Ministry of Defence for 835.1 million rupees.

($1 = 84.8840 Indian rupees)

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