India, Oct. 5 -- The Reserve Bank of India's Monetary Policy Committee (MPC) is meeting from October 5 to 7, with the policy decision scheduled for October 7. The repo rate currently stands at 5.25%, after the RBI kept it unchanged in its previous four policy reviews.

Expectations, however, have shifted. Most economists now expect a 25-basis-point hike to 5.50%, which would be the first rate increase since February 2023. For equity investors, though, the key question is not simply whether the RBI raises rates. What matters more is how the combination of inflation, crude oil, the rupee and bond yields could affect corporate earnings and valuation multiples.

1. The current repo rate The RBI's policy repo rate is currently 5.25%. A 25-ba...