BENGALURU (Reuters) - Indian shares are likely to start trade on a lacklustre note on Wednesday, tracking weakness in global peers, as investors cautiously await U.S. inflation data due this week for clues on the Federal Reserve's interest rate trajectory.

The Gift Nifty was trading at 22,821, as of 0814 a.m. IST, indicating that the Nifty 50 will open slightly higher than its previous close of 22,888.15.

Recent U.S. data kept traders guessing about the strength of the economy and sticky inflationary pressures, which in turn cloud the outlook for the Fed's policy path. [MKTS/GLOB]

Asian peers were trading lower, with the MSCI Asia ex-Japan falling 0.89%.

"Global markets are consolidating ahead of U.S. GDP data and core PCE data, releasing on May 30, which will be crucial indicator for U.S. Fed interest rate decision," said Siddhartha Khemka, head - Retail Research, Motilal Oswal Financial Services.

"Expect Nifty to remain sideways to marginally positive on the back of reduced FII selling, prediction of above-normal monsoon and last leg of Q4 results," Khemka said.

Indian benchmarks ended lower on Tuesday in another volatile session with nervousness around the outcome of the national general elections next week.

Foreign investors were net sellers on Tuesday, offloading shares worth 655.7 million rupees ($7.88 million), while domestic institutional investors bought 32.32 billion rupees in stocks.


Key earnings: Tata Steel, Bata India and Cummins India

Hindalco Industries: Aluminium recycler Novelis, owned by the company, is targeting a valuation of up to $12.6 billion in its initial public offering in the United States.

Reliance Industries: The company has signed one-year deal with Russia's Rosneft to buy at least 3 million barrels of oil a month in roubles, four sources aware of the matter told Reuters.

($1 = 83.2010 Indian rupees)

(Reporting by Dimpal Gulwani in Bengaluru; Editing by Sherry Jacob-Phillips)