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Indian shares rise ahead of RBI policy meeting
October 4, 2016 / 6:26 AM / a year ago

Indian shares rise ahead of RBI policy meeting

* NSE, BSE indexes up more than 0.1 pct

* Rate decision expected at 0900 GMT

* Poll shows 26 of 44 analysts see repo rate kept steady

Oct 4 (Reuters) - Indian shares edged up on Tuesday, set for a third straight session of gains, but investors treaded with caution ahead of the central bank’s monetary policy announcement later in the day, which marks Urjit Patel’s maiden review as the governor.

Investors are anxiously awaiting Patel’s views on the Indian economy and inflation, following three years as a deputy to his predecessor, Raghuram Rajan.

The review also marks the first time a monetary policy committee will set interest rates, although views are divided on whether there will be any change this time around.

A Reuters poll showed 26 of 44 analysts surveyed expect the committee to hold rates, while 16 see prospects for a 25 basis points cut.

The broader NSE index was up 0.11 percent at 8,747.70 by 0610 GMT, while the benchmark BSE index was 0.12 percent higher at 28,277.10.

Among the gainers, pharmaceutical company Wockhardt Ltd rose as much as 4.58 percent after the U.S. FDA excluded the company’s anti-bacterial drug Ceftriazone Sodium from the import alert it issued earlier.

Meanwhile, Nifty Bank Index fell after rising more than 2 percent over the last two trading sessions, ahead of the policy announcement at 0900 GMT. (Reporting by Darshana Sankararaman in Bengaluru; Editing by Amrutha Gayathri)

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