Domestic equities were in the red on Thursday, as investors stayed away due to weak global indications and uncertainty ahead of the Reserve Bank of India's monetary policy announcement tomorrow. On Friday, the RBI will publish its first bi-monthly interest rate decision, with investors paying close attention to the central bank's revised growth and inflation forecasts. The RBI may change the phrasing of its "accommodative" position, according to a media article published earlier today. It may also underline the possibility that the Russia-Ukraine conflict will keep CPI inflation above 6%. This is higher than the RBI's February forecast of 4.5 percent and the market's forecast of 5.5 percent for the entire fiscal year.

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