The NSE Nifty 50 index was down 0.2% at 15,698.4 by 0408 GMT, while the BSE index fell 0.2% to 52,602.4.
Analysts expect a 50-basis-point hike at the Fed meeting later in the day, but the possibility of a 75-bp raise has grown after Friday's higher-than-expected consumer price index (CPI) data for May.
India's central bank had last week raised the key interest rate by 50 basis points as widely expected, in a bid to cool persistently high inflation in Asia's third-largest economy.
India's wholesale inflation for May saw a 15.88% rise in May, while retail inflation eased to 7.04%, data showed earlier this week.
Network18 Media and Investments rose 2.3% after Viacom18, in which Network 18 owns a majority stake, won digital streaming rights for the Indian cricket league IPL from 2023 to 2027.
Shares of One97 Communications were up over 2% after the company's average monthly users on its PayTM super app rose 48% for two months ending May.
(Reporting by Tanvi Mehta in Bengaluru; Editing by Shailesh Kuber)