Tuesday, Sep 23, 2014

Indian shares seen higher ahead of RBI rate decision

Reuters | Posted: June 3, 2014 8:52 am

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Indian shares are set to open higher on Tuesday ahead of RBI policy review at 11 am local time, following gains in other Asian stocks and foreign investor buying.

NSE index futures traded on the Singapore Exchange up 0.32 percent, while the MSCI-Asia Pacific excluding Japan index gains 0.2 percent.

Markets await the Reserve Bank of India’s policy review, with most analysts expecting the central bank to keep interest rates on hold but to ease up a bit on its tough inflation rhetoric in a conciliatory gesture to the new Narendra Modi government.

The Nikkei-led Asian shares higher on Tuesday, supported by solid U.S. and Chinese manufacturing data, while the euro dragged its feet near a 3 1/2-month low on expectations of fresh monetary easing by the European Central Bank.

Overseas investors bought Indian shares worth 2.34 billion rupees ($39.60 million) on Monday, provisional exchange data show.

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