Indian shares hit record highs as investors focus on earnings and interest rate decision

shares, however, declined 0.4%. India's largest public lender is due to report earnings for the three months ending June on Wednesday.Indian markets have held up comparatively well despite the economy's struggles since last year to get growth back on track — progress was delayed by a devastating Covid-19 second wave this year.Reserve Bank of India, which begins its three-day monetary policy meeting on Wednesday.

"Forward guidance will favour a continuation of the accommodative policy stance to guard against growth risks, especially the third Covid wave," she said. "The accompanying commentary will heed inflation risks through close monitoring and refrain from tweaking the policy levers for now." India's retail inflation numbers for May and June came in above the RBI's inflation target range of 2% to 6%.The resilience of India's stock markets has seen an influx of retail investors, despite the pandemic-led struggles in the economy.

Retail participation likely grew in part due to a low interest rate environment. The RBI has also introduced measures toThe National Stock Exchange of India, which operates the Nifty 50 index, added almost 15 million new investors to the markets over the last 15 months, according to its CEO Vikram Limaye.

"Retail participation in Indian equity markets has been a very important component — almost 50% of the market activity is non-institutional, non-proprietary. It largely covers retail landscape," he said on CNBC's "

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