(fxcue news) - Indian shares look set to open on a tepid note Wednesday as investors react to weak cues from global markets and market regulator SEBI's decision hiking position limits for trading members in F&O contracts. Position limits are calculated on the notional value of a contract. Benchmark indexes Sensex and Nifty ended Tuesday's session modestly lower while the rupee edged up by 1 paise to close at 84.04 against the dollar. Asian stocks were broadly lower this morning, with Japanese markets leading regional losses due to fading optimism on Chinese stimulus and a broader weakness in the semiconductor sector. The dollar held firm after former President Donald Trump defended proposals to dramatically raise tariffs on foreign imports and Fed Bank of Atlanta President Raphael Bostic warned the downward path for inflation could see some bumps. Gold ticked higher ahead of key U.S. retail sales, industrial production and weekly jobless claims data, due Thursday that could help determine the number of interest-rate cuts by the Federal Reserve in the near term. Oil edged up slightly after falling by more than 4 percent on Tuesday due to easing supply worries and concerns over weakening demand. U.S. stocks closed lower overnight as United Health lowered its full-year earnings outlook and data showed business activity at manufacturing firms in New York State contracted unexpectedly in October. A disappointing outlook from ASML Holding and concerns about tighter U.S. restrictions on chip sales spurred a selloff in the tech sector while energy stocks tracked oil prices lower. The tech-heavy Nasdaq Composite lost 1 percent, while the Dow and the S&P 500 both shed around 0.8 percent. European stocks fell on Tuesday amid sharp losses in the technology and energy sectors. The pan-European STOXX 600 dipped 0.8 percent. The German DAX slipped 0.1 percent, France's CAC 40 gave up 1.1 percent and the U.K.'s FTSE 100 declined half a percent.