* 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 (Reuters) - 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 the day.
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 rate-cut hopes.
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)