Indian shares rose ahead of the expiry of monthly derivatives contracts on Thursday, bolstered by IT and financial stocks, as investors turned their focus on a slew of events for further cues. The Reserve Bank of India's monetary policy decision is scheduled next week, where it is expected to slash rates to boost spending, while companies begin reporting their quarterly performances mid-April. Further, India heads into general elections in less than two weeks, and the incumbent government is expected to return to power.
The broader NSE index rose 0.49 percent to 11,501.65 as of 0502 GMT. The benchmark BSE index gained 0.45 percent to 38,304.03. Nifty's bank index ticked up as much as 0.56 percent, with State Bank of India rising 1.2 percent to its highest since Sept. 3, and Housing Development Finance Corporation gaining as much as 1.46 percent.