The Indian market is set for a weak start on Tuesday, tracking its Asian peers as investors remain doubtful of the US-China trade war getting resolved before the 90-day deadline.
Investor sentiment remained mixed in India as the fifth Reserve Bank of India (RBI) Monetary Policy Committee meeting will start on Tuesday. 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 07:15 AM, SGX Nifty, an early indicator of the Nifty 50's trend in India, was down 0.28 percent at 10,907.50, 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 edged down 0.2 percent as the Australian market gave up 0.5 percent and Seoul's Kospi fell 0.6 percent. Japan's Nikkei stock index was 0.3 percent lower.
Wall Street: The Dow Jones Industrial Average rose 287.97 points, or 1.13 percent, to 25,826.43, the S&P 500 gained 30.2 points, or 1.09 percent, to 2,790.37 and the Nasdaq Composite added 110.98 points, or 1.51 percent, to 7,441.51.
Crude Oil Prices: US West Texas Intermediate (WTI) crude futures were at $53.20 per barrel at 0006 GMT, up 25 cents, or 0.5 percent, from their last close. International Brent crude oil futures had yet to trade.
Market At Close On Monday: Indian shares ended Monday’s session with mild gains as investors took to profit-booking amid a recovery in global crude oil prices, which impacted energy stocks, offsetting strong global cues. While metal and IT stocks along with auto and select private bank shares supported indexes, pharma and energy stocks dragged. The Nifty 50 ended at 10,883, up 7.00 points or 0.06 percent from the previous close, while Sensex closed at 36,241, up 46.70 points or 0.1 percent.
Rupee: The rupee closed at 70.45, down 86 paise against the dollar on Monday.
Dollar: In the currency market, the dollar eased 0.05 percent against the yen to 113.59, while the euro was flat on the day at $1.1351.
FII & DII data: Foreign institutional investors (FIIs) bought shares worth Rs 293 crore, while domestic institutional investors (DIIs) sold shares worth Rs 806 crore in the Indian equity market on December 3.
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. The respondents do not expect any change in the repo rate, at which RBI lends money to banks, until the end of the financial year.
India Growth Forecast: Crisil on Monday cut India's growth forecast for current fiscal to 7.4 percent on the back of weakening global GDP and trade growth. India's growth in the July-September quarter slipped to 7.1 percent from 8.2 percent in the April-June quarter. India's export, which saw a revival in early part of 2018, could likely see a slower growth, it projected.
Moody's on the Banking System: Moody's Investors Service on Monday said it has a stable outlook on the Indian banking system for the next 12-18 months as economic growth prospects remain healthy amid weak, but stabilising, asset quality.
(With inputs from agencies)
Have you signed up for Primo, our daily newsletter? It has all the stories and data on the market, business, economy and tech that you need to know.
First Published: IST