India's NSE stock futures listed on the Singapore exchange were down 0.74% at 17,721.50, as of 7:43 a.m. IST.
All three major Wall Street indexes fell more than 1% on Tuesday after Powell's testimony before the U.S. Congress. The semi-annual, two-day monetary policy testimony will continue on Wednesday.
Powell said the strong economic data raised the possibility of prolonged and higher-than-expected interest rate hikes.
The expectations of a 50 basis point (bps) increase in the federal funds target rate at the upcoming meeting have now risen above 70%. [.FEDWATCH]
Asian markets too declined on Wednesday, with the MSCI's broadest index of Asia-Pacific shares outside Japan losing 1.38%. [MKTS/GLOB]
Indian shares had extended gains for a second session in a row on Monday, as investment in the Adani group of companies lifted sentiment. Markets were closed on Tuesday.
Foreign institutional investors (FII) bought a net 7.21 billion Indian rupees worth of equities on Monday, extending their buying streak for the third session in a row.
STOCKS TO WATCH ** Allcargo Logistics: Co gets board approval to buy 38.87% stake in its partners in contract logistics business, for 3.73 billion rupees.
** Indraprastha Gas: Co signs joint venture agreement with Genesis Gas to set up smart meter manufacturing plant for capital expenditure of 1.10 billion rupees.
** NBCC India: Co gets work orders worth 5.41 billion rupees.
** Zydus Lifesciences: Co gets final approval from U.S. drug regulator for lenalidomide capsules, used for treating various types of cancers.
** HDFC Bank: Co's non-bank lending unit HDB Financial Services flags data breach at one of its service providers which processes customer information.
($1 = 81.6800 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman)
By Bharath Rajeswaran
