The GIFT Nifty was trading near 22,400 on Wednesday morning at a marginal loss, indicating a weaker start for the benchmark indices.
The Reserve Bank of India's Monetary Policy Committee is expected to cut the benchmark lending rate in April, even as it continues to frontload liquidity to ensure rate transmission.
US President Trump announced that tariffs on pharmaceuticals will be imposed, suggesting that pharma companies will leave China and return to the US.
Global markets were rattled by Washington's decision to proceed with substantial tariffs on trade partners, with the Nikkei 225 and KOSPI seeing declines, and the Dow Jones Industrial and Nasdaq Composite ending lower.