Mumbai, October 6: Indian markets are set for a muted start on Tuesday as investors wait for the Reserve Bank of India's policy decision on Wednesday.

Gift Nifty futures expiring October 27 traded at 22,640 around 8:01 am IST, down 17 points or 0.08 per cent from the previous close. The contract stood about 84 points above the Nifty's Monday close of 22,555.75. The Nifty 50 had risen 0.60 per cent on Monday.

The RBI's Monetary Policy Committee meets from October 5 to 7. It has kept the repo rate unchanged at 5.25 per cent for four straight reviews after cutting 125 basis points in 2025.

A Reuters poll found 35 of 61 economists expect a 25-basis-point hike to 5.50 per cent. That would be the first increase since February 2023. Inflation rose to 4.82 per cent in August, above the RBI's 4 per cent target for a third month.

Brent crude traded near 101 dollars a barrel, and the Iran-US standoff kept sentiment cautious. Governor Sanjay Malhotra announces the decision at 10 am on Wednesday.