* NSE index up 0.09 pct, BSE index down 0.01 pct
* Twenty eight of 46 analysts expect a rate cut
* Tata Steel hit over two-year high
By Arnab Paul
Feb 8 Indian shares oscillated in and out of
positive terrain on Wednesday amid tepid investor sentiment
ahead of the central bank's monetary policy decision later in
Analysts expect a close call with 28 of 46 participants in a
Reuters poll last week predicting the Reserve Bank of India will
cut the repo rate by 25 basis points to 6.0
percent, its lowest since November 2010, while two analysts
expected a 50 bps cut.
The broader NSE index was up 0.09 percent at
8,776.25 as of 0552 GMT, while the benchmark BSE index
was trading 0.01 percent down at 28,332.77
Earlier this week, both indexes had hit a four-month high on
Tata Steel Ltd was among top gainers on the NSE
index, rising to over two-year high after reporting its first
quarterly profit in five.
FMCG stocks were among the biggest decliners with cigarette
maker ITC Ltd falling as much as 1.7 percent after it
hit a record high in the previous session.
(Editing by Sherry Jacob-Phillips)