India's equity benchmarks are expected to open little changed on Wednesday, with investor caution deepening after U.S. President Donald Trump threatened steep tariffs on pharma imports, a key export segment for India.

Global markets shrugged off the news, however, with both Asia-Pacific and Europe stocks staging a muted response Tuesday. One reason is likely to be because of Trump's seemingly more flexible approach to the new policies.

Gift Nifty was trading around 25,581 level, a discount of nearly 30 points from the Nifty futures’ previous close, indicating a weak start for the Indian stock market indices.