India's NSE stock futures listed on the Singapore exchange were down 0.30% at 17,522 as of 7:56 a.m. IST.
The RBI is likely to raise rates by 25 basis points on Thursday and then pause for the rest of the year, according to a Reuters poll of economists.
The central bank raised the repo rate by 250 bps to 6.50% last financial year.
Wall Street equities fell on Tuesday after data showed that U.S. job openings fell to a near two-year low in February. Asian markets remain subdued. [MKTS/GLOB]
The cooling in the labour market, a crucial aspect of combating inflation, also sharply boosted the odds of the Federal Reserve pausing on rate hikes in May.
The recent rise in crude oil prices after the surprise supply cut by Saudi Arabia and other oil exporting countries on Sunday has added to inflationary concerns, especially for countries like India, where crude constitutes the bulk of the country's import bill. [O/R]
Foreign institutional investors, meanwhile, extended their buying streak to a fourth straight session on Monday, aiding a temporary rebound in Nifty 50.
The Nifty 50 has risen in each of the past three sessions, adding 2.63% over the period. Still, the benchmark index is down nearly 4% so far this year.
That has made domestic valuations attractive, several brokerages, including Jefferies and Morgan Stanley, said last week.
Stocks to Watch:
** IndusInd Bank: Co logs 21% YoY rise in net advances at 2.89 trillion in the March quarter, while deposits grew 15%.
** South Indian Bank: Lender's total deposits rise 2.82% YoY in the March quarter.
** NBCC: Co receives work order worth 4.48 billion rupees.
** Railtel Corporation: Co bags order worth 389.5 million rupees.
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Savio D'Souza)
