* NSE index down 0.41 pct, BSE down 0.38 pct
* Investors wait for RBI policy meet
* Analysts don't expect rate change - poll
By Tanvi Mehta
April 6 Indian shares reversed gains from the
previous session's record highs to fall on Thursday, as
investors waited for clues on which way interest rates are
headed when India's central bank meets to deliberate on monetary
policy later in the day.
Although the Reserve Bank of India (RBI) has pulled
surprises at its last three policy meetings, analysts uniformly
expect no change in interest rates, according to a Reuters poll.
Across the world, stocks fell with risk appetite soured
after minutes of the U.S. Federal Reserve's last meeting showed
most policymakers thought the central bank should begin trimming
its $4.5 trillion balance sheet later this year, much earlier
than many had expected.
U.S. stock market futures fell 0.3 percent and MSCI's
broadest index of Asia-Pacific shares outside Japan
was 0.8 percent lower.
"Market is awaiting what RBI does on the liquidity front and
that has the potential to impact banks negatively, if there is
an increase in CRR (cash reserve ratio)," said Dipen Shah,
senior vice president and head of private client group research,
The broader NSE index was down 0.41 percent at
9,226.85 as of 0526 GMT, a day after touching a record high of
The benchmark BSE index was 0.38 percent lower at
29,860.36, hovering below its all-time high of 30,024.74 touched
on March 4, 2015.
Banking stocks dragged the NSE index down, with the Nifty
Bank index falling as much as 0.55 percent. The bank
index has risen about 19 percent this year.
Jindal Steel and Power gained as much as 5.22
percent after posting a 12.3-percent sequential rise in
quarterly consolidated steel production.
Phoenix Mills Ltd gained as much as 7.3 percent to
its highest in seven months after Canada Pension Plan Investment
Board said it would invest in the company's unit.
(Reporting by Tanvi Mehta in Bengaluru; Editing by Biju