Indian shares inched lower on Wednesday as investors turned their focus to the US Federal Reserve for signs on the pace of tapering, while recent debutant Paytm plunged after a lock-in period for institutional investors expired.

The NSE Nifty 50 index was down 0.18 per cent at 17,293.9 by 0350 GMT, while the benchmark S&P BSE Sensex slipped 0.17 per cent to 58,017.74. Both indexes were set for a fourth straight session of losses.

Investors were looking for clues on when the Fed will stop buying assets and start raising interest rates, while a rapid spread of the Omicron coronavirus variant also weighed on sentiment.

One97 Communications, parent of digital payments firm Paytm, dropped 13 per cent to its lowest since November 22, following a dismal market debut on November 18.