Jan 8 (Reuters) - India's benchmark indexes are set for a muted start on Wednesday, tracking other Asian peers, after upbeat U.S. data pointed to a strong economy and bolstered the case for fewer rate cuts from the Federal Reserve.

The GIFT Nifty futures GIFc1 were trading at 23,775 as of 7:58 a.m. IST, indicating that the benchmark Nifty 50 .NSEI would open near Tuesday's close of 23,707.9.

Other Asian markets were off to a muted start as well, with the MSCI Asia ex-Japan index .MIAPJ0000PUS shedding 0.2%.

Wall Street equities closed lower overnight after data showed that U.S. services sector activity accelerated in December, while job openings increased in November. The data indicated that American economy remained resilient, signalling fewer rate cuts from the Fed in 2025. MKTS/GLOB

Markets are currently pricing in the probability of just one Fed rate cut in 2025, down from two reductions in December, according to CME FedWatch tool.

The Fed last month had indicated two rate cuts for this year, half of what was earlier expected.

Indian shares rose on Tuesday, led by a rally in energy stocks after a brokerage upgraded ONGC ONGC.NS and as Reliance RELI.NS recovered some of its losses from Monday. The benchmarks had logged their worst session in three months on the day.

"We expect markets to remain cautious heading into corporate earnings, starting from Thursday, and any sustainable moves on the upside needs to be backed with earnings delivery," said Satish Chandra Aluri, analyst at Lemonn Markets Desk.

STOCKS TO WATCH

** Tata Steel TISC.NS posts 6% year-on-year growth in domestic production

** Sobha SOBH.NS reports drop in total sales in December quarter

** Signatureglobal SIGT.NS posts more than two-fold jump in sales bookings in December quarter

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia Cheema)

((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))