"The Monetary Policy Committee is likely to maintain that growth needs consistent firm traction and continued policy support is crucial for a durable growth revival," Emkay Global Financial Services said in a preview note.
The NSE Nifty 50 index rose 0.2% to 14,709 and the S&P BSE Sensex was up 0.1% at 49,256.10 by 0347 GMT.
Investors will be keeping an eye on the central bank's liquidity stance to support the economy in relation to rising COVID-19 cases and inflation forecasts amid a rise in global commodity prices, especially crude oil.
Earlier this week, India breached the grim milestone of 100,000 daily coronavirus infections for the first time.
Restaurant chain operator Barbeque-Nation Hospitality Ltd's shares will make their debut in the Mumbai market on Wednesday.
The International Monetary Fund said on Tuesday unprecedented public spending to fight the pandemic would push global growth to 6% this year, while projecting India's growth rate at 12.5% for 2021.
(Reporting by Nallur Sethuraman in Bengaluru; Editing by Shounak Dasgupta)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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