The Indian market is set for a negative opening on Wednesday as Asian markets suffered losses after sell-off in Wall Street and worries over the economic growth as crude oil struggled after a sharp slide.

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At 06.57 AM, SGX Nifty, an early indicator of the Nifty 50's trend in India, was down 0.43 percent at 10,624, indicating a negative 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 fell 0.55 percent. Australian stocks lost 1 percent and Japan's Nikkei fell 1.3 percent.

Wall Street: The Dow Jones Industrial Average fell 551.8 points, or 2.21 percent, to 24,465.64, the S&P 500 lost 48.84 points, or 1.82 percent, to 2,641.89 and the Nasdaq Composite dropped 119.65 points, or 1.7 percent, to 6,908.82.

Crude Oil Prices: US West Texas Intermediate (WTI) crude futures, were at $53.57 per barrel at 0028 GMT, up 14 cents from their last settlement. Front-month Brent crude oil futures were yet to trade.

Market At Close On Tuesday: Indian equity market failed to hold the momentum seen in Monday’s trading session with benchmark indices ending Tuesday’s trade with sharp losses. The Nifty that had closed above the 200-day moving average on Monday, declined by 107 points to end at 10,656. The Sensex too saw a fall of 0.8 percent or 300 points to close at 35,474.

Rupee: The rupee closed at 71.45, up 19 paise against the dollar from its previous close on Tuesday.

Dollar: The dollar index against a basket of six major currencies was at 96.800 after rallying 0.7 percent overnight, when it pulled away from a two-week trough of 96.042. The euro was little changed at $1.1370 after sinking 0.75 percent the previous day. The dollar was a shade lower at 112.765 yen after edging up 0.2 percent on Tuesday.

FII & DII data: Foreign institutional investors (FIIs) sold shares worth Rs 753 crore, while domestic institutional investors (DIIs) sold shares worth Rs 44 crore in the Indian equity market on November 20.

GDP Growth: After the strong upswing in April-June quarter, GDP growth for July-September is expected to dip to 7.2 percent due to sluggishness in agriculture and industry, a report said on Tuesday. It can be noted that the GDP had grown by a higher than expected 8.2 percent in the first quarter of the fiscal as compared to the year-ago period. Official data on quarterly growth will be released at the end of this month.

India Crude Oil Import: Crude oil imports in October rose to their highest level in at least more than seven years, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed on Tuesday. Crude imports in October climbed 10.5 percent from a year earlier to 21.02 million tonnes, the highest monthly import figure in PPAC data going back to April 2011. Imports rose as many refiners resumed purchases after maintenance of units.

India-Russia Defence Ties: India and Russia on Tuesday signed a $500 million deal for construction of two warships in Goa for the Indian Navy under the technology transfer model, officials said. They said the agreement for the project was signed between defence PSU Goa Shipyard Ltd (GSL) and Russia's state-run defence major Rosoboron export under the government-to-government framework for defence cooperation.

(With inputs from agencies)

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First Published:Nov 21, 2018 7:23 AM IST