The Indian market is set for a negative opening on Thursday, taking cues from its Asian peers which traded lower on fears of further tension between the United States and China after Canadian authorities arrested a top executive of Chinese tech giant Huawei Technologies. The arrest is related to violations of US sanctions, a person familiar with the matter said.

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Investor sentiment may remain largely mixed after the Reserve Bank of India (RBI) kept the key policy rates unchanged in its fifth bi-monthly policy announced on Wednesday.

At 07:10 AM, SGX Nifty, an early indicator of the Nifty 50's trend in India, was down 0.91 percent at 10,734.50, indicating a weak opening for the Indian market.

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

Asia: Japan's Nikkei slid 0.8 percent, with benchmark indexes in South Korea and Australia down 0.6 percent and 0.2 percent, respectively.

Wall Street: S&P 500 e-mini futures were last down 0.7 percent, with volume at 66,034 contracts. US stocks had tumbled more than 3 percent on Tuesday as the US bond market sent unsettling signs about economic growth and investors worried anew about global trade. US equity and bond markets were closed Wednesday, a day of mourning for former President George H.W. Bush, 94, who died on Friday.

Crude Oil Prices: US West Texas Intermediate (WTI) crude futures were at $52.57 per barrel at 0109 GMT, down 32 cents, or 0.6 percent, from their last close. International Brent crude oil futures were down 17 cents, or 0.3 percent, at $61.39 per barrel.

Market At Close On Wednesday: Indian shares recovered mildly on Wednesday after the Reserve Bank of India (RBI) kept repo rate unchanged at 6.5 percent. The benchmark Nifty closed with a fall of 87 points at 10,782, while the Sensex dipped 250 points to trade in the red at 35,884.

Rupee: The rupee closed at 70.46 against the dollar on Wednesday.

Dollar: The euro traded flat at $1.1347 while the dollar dipped 0.1 percent against the yen to 113.01. The yuan is also unmoved at 6.8660 in the offshore trade.

FII & DII data: Foreign institutional investors (FIIs) sold shares worth Rs 358 crore, while domestic institutional investors (DIIs) sold shares worth Rs 792 crore in the Indian equity market on December 5.

RBI Monetary Policy Meeting: The Reserve Bank of India (RBI) kept the key policy rates unchanged in its fifth bi-monthly policy announced on Wednesday. With no change in the rates, the repo rate remains at 6.50 percent while the reverse repo rate stands 6.25 percent. The monetary policy committee maintained the policy stance to 'calibrated tightening'. Five out of the six members voted to retain the stance. Ravindra Dholakia, however, had voted to change the stance to neutral.

Finance Ministry on RBI Meeting: The finance ministry on Wednesday said the assessment of growth and inflation made by the RBI's Monetary Policy Committee (MPC) is line with government's reading. RBI Governor Urjit Patel-headed MPC has kept the key lending rate unchanged. The panel retained its GDP growth projection of the current fiscal at 7.4 percent and expects inflation to remain well below the mid-term target of 4 percent.

OPEC Meeting: OPEC and Russia moved closer on Wednesday to agreeing cuts in oil production from next year despite pressure from US President Donald Trump to reduce the price of crude. Saudi Arabia has indicated it wants the Organisation of the Petroleum Exporting Countries and its allies to curb output by at least 1.3 million barrels per day, or 1.3 percent of global production.

(With inputs from agencies)

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First Published:Dec 6, 2018 7:31 AM IST