* The BSE index is up 0.22 percent while the NSE index is higher 0.12 percent. * Gains were in line with Asian shares that rose on Wednesday after rounds of profit taking from a sharp rally at the start of the new year subsided. * Tata Motors Ltd shares are up 3.1 percent after hitting a record high, after Credit Suisse and CLSA upgraded their ratings on the stock, citing expectations for improving sales. * Larsen & Toubro gains 0.7 percent after falling 5 percent in the previous four sessions on concerns over order cancellations and weak investment cycle. * Oil marketing companies gain on hopes of diesel price hikes. Hindustan Petroleum Corp is up 2.15 percent while Bharat Petroleum Corp rises 1.5 percent.
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The government plans to change the Reserve Bank of India Act before the end of the fiscal year so it can set up a new committee to direct the country's monetary policy, retiring Finance Secretary Rajeev Mehrishi told Reuters. Full Article