Domestic stock markets are likely to start Thursday's session on a lackluster note, ahead of the outcome of a bi-monthly meeting of the central bank's Monetary Policy Committee. The Singapore Exchange (SGX) Nifty futures - an early indicator of the National Stock Exchange (NSE) Nifty index in India - declined as much as 28.5 points to hit 12,066.00 ahead of the opening of Indian markets. At 8:44 am, the SGX Nifty futures were down 22.50 points - or 0.19 per cent - at 12,072.00.
Equities in other Asian markets edged up on signs the US and China were on track for a preliminary trade deal, though optimism was tempered by the almost daily shifts in prospects for defusing the damaging tariff war now in its second year.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent. Australian shares were up 0.9 per cent, while Japan's Nikkei stock index rose 0.81 per cent.
The fluid situation around US-China trade negotiations has cast a pall on financial markets, with major economies grappling under the weight of weak exports, investments and corporate profits.
The S&P BSE Sensex index had on Wednesday ended 174.84 points (0.43 per cent) higher at 40,850.29 and the broader NSE Nifty benchmark settled at 12,043.20, up 49.00 points (0.41 per cent) from the previous close.
Analysts will closely monitor the decision and commentary by the Reserve Bank of India due at 11:45 am. The central bank's Monetary Policy Committee is widely expected to cut the repo rate - the key rate at which the RBI lends short-term funds to commercial banks - for the sixth time this year, say analysts.