The Indian market is set for a weak opening on Wednesday, tracking mixed sentiment among investors ahead of the Reserve Bank of India (RBI) monetary policy meeting outcome.

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According to a poll conducted by CNBC-TV18, the RBI will keep its repo rate unchanged at 6.50 percent in the upcoming policy.

At 07:05 AM, SGX Nifty, an early indicator of the Nifty 50's trend in India, was down 0.53 percent at 10,855, indicating a weak opening for the Indian market.

Here is what you need to know before the market opens:

Asia: MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.6 percent. Australian stocks lost 1.3 percent after Australia's third quarter growth data fell short of expectations. Japan's Nikkei fell 1.15 percent and South Korea's KOSPI shed 1 percent.

Wall Street: The Dow Jones Industrial Average fell 799.36 points, or 3.1 percent, to 25,027.07, the S&P 500 lost 90.31 points, or 3.24 percent, to 2,700.06 and the Nasdaq Composite dropped 283.09 points, or 3.8 percent, to 7,158.43.

Crude Oil Prices: US West Texas Intermediate (WTI) crude futures were at $52.71 per barrel at 0057 GMT, down 54 cents, or 1 percent, from their last close. International Brent crude oil futures had yet to trade. Brent and WTI have averaged $72.80 and $66.10 per barrel so far this year.

Market At Close On Tuesday: The Indian equity market closed largely flat on Tuesday as banks underperformed. The 30-share BSE benchmark index, the Sensex closed 107 points lower at 36,134, while the broader 50-share NSE Nifty50 slipped by 14 points in the red at 10,870.

Rupee: The rupee closed at 70.49, down 4 paise against the dollar on Tuesday.

Dollar: The dollar sagged in the wake of falling Treasury yields, with its index against a basket of six major currencies briefly stooping to a near two-week low of 96.379 overnight before edging back towards 97.00. The greenback fell against the safe-haven yen, losing 0.75 percent overnight before stabilising at 112.86 yen.

FII & DII data: Foreign institutional investors (FIIs) sold shares worth Rs 56 crore, while domestic institutional investors (DIIs) sold shares worth Rs 521 crore in the Indian equity market on December 4.

RBI Monetary Policy Meeting: All the respondents polled by CNBC-TV18 were unanimous in their expectation of RBI leaving the repo rate unchanged at 6.50 percent in the fifth bi-monthly monetary policy, which is due to be announced on December 5. The mix of economists, brokerages, treasury heads and bankers polled by CNBC-TV18 expect the MPC to remain in a wait and watch mode, while maintaining its ‘calibrated tightening’ stance.

Sebi on Foreign Bourses: A high-level panel on Tuesday recommended market regulator Sebi to allow direct listing of Indian companies on overseas bourses and of foreign firms on Indian exchanges. Currently, Indian companies can list their shares through depository receipts abroad, while foreign companies need to go through the Indian Depository Receipt route for listing of equities.

India-UAE Ties: India and the United Arab Emirates on Tuesday signed a currency swap agreement to boost investment and enable direct trade without using dollars or other international currencies. The swap is for 2 billion dirhams or Rs 3,500 crore ($496 million), depending on which central bank requests the amount, an Indian embassy statement said.

(With inputs from agencies)

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First Published:Dec 5, 2018 7:22 AM IST