Australian shares are set to open lower on Wednesday after posting strong gains in the previous two sessions, as a mixed session in global markets and on Wall Street was likely to keep investors on the sidelines.

The local share price index futures fell 0.3%, a 79.3-point discount to the underlying S&P/ASX 200 index close. The benchmark rose 0.7% on Tuesday.

New Zealand's benchmark S&P/NZX 50 index rose 0.2% in early trade.