* NSE index up 0.17 pct, BSE up 0.12 pct
* RBI policy meeting on Thursday
* Shankara Building Products soars on debut
By Tanvi Mehta
April 5 Indian shares traded flat on Wednesday,
paring gains after the NSE index hit a record high at
the open, as investors took a breather ahead of the central bank
policy meet due this week.
The monetary policy committee of the Reserve Bank of India
(RBI) is likely to leave the repo rate at 6.25
percent, where it has been since October, a Reuters poll found.
However, investors are expecting the RBI to announce
measures to drain the 4 trillion rupees that has accumulated in
the banking system in March, double as compared with January.
"The market is moving slightly ahead of time, so it is
taking a small breather. One might see some profit-booking as
well," said Deven Choksey, managing director, K R Choksey
The broader NSE index was up 0.17 percent at
9,253.30, as of 0617 GMT, after earlier hitting an all-time high
The benchmark BSE index was 0.12 percent higher at
29,946.83. It went as high as 30,007.48, just 17.26 points shy
of its record peak of 30,024.74 touched on March 4, 2015.
Housing Development Finance Corp dropped as much
as 2.25 percent.
Among gainers, Shankara Building Products Ltd
surged as much as 37 percent on its market debut, with its up to
3.45 billion rupees ($52.96 million) IPO oversubscribed more
than 41 times.
Shares of Titan Company Ltd hit a record high
after it said consumer sentiment has recovered in January-March
quarter and sales were good for all divisions.
TVS Motor Company rose as much as 2.72 percent to a record
high after posting a 10 percent increase in total vehicle sales
for March 2017.
Indian stock, bonds and currency markets were closed on
Tuesday for a market holiday.
(Reporting by Tanvi Mehta in Bengaluru; Editing by Sherry