March 14 (Reuters) - Indian shares rose to their highest close in almost three weeks on Wednesday as banks gained amid expectations an uptick in inflation was not enough to rule out a rate cut from the central bank, while Tata Motors surged after announcing increased production at its U.K. plant.
ICICI Bank rose a provisional 2.7 percent while State Bank of India advanced a provisional 1.3 percent ahead of the Reserve Bank of India’s policy meeting on Thursday.
Meanwhile, Tata Motors rose 2.5 percent after unit Jaguar Land Rover said it was boosting production of two models, seen as indicating confidence about sales in the European markets.
The main 30-share BSE index provisionally gained 0.7 percent to 17,940.70 points, marking its highest close since Feb. 24. The 50-share index provisionally rose 0.6 percent to 5,463.90, the highest close since Feb. 23. (Reporting By Rafael Nam; Editing by Harish Nambiar)