June 5 (Reuters) - Indian shares held onto gains on Friday after the central bank kept the key policy rate on hold and maintained a "neutral" stance, as expected, while announcing measures to ease pressure on the rupee.

The Reserve Bank of India also raised its inflation projection for the ongoing financial year to 5.1% from 4.6% and trimmed its GDP growth expectation to 6.6% from 6.9%.

The benchmark Nifty 50 was up 0.27% at 23,479.95, while the BSE Sensex added 0.35% to 74,616.31, as of 11:07 a.m. IST.

Thirteen of 16 major sectors logged gains on Friday. The broader small-caps and mid-caps rose 0.6%.

High-weight financials and state-owned lenders gained 1.1% and 1.5%, respectively, after the RBI decision.

A rate pause is seen as supportive for financials and public sector banks as it eases the risk of higher funding costs, sustains credit demand and allows lenders more time to benefit from earlier rate cuts.

"Maintaining policy stability provides reassurance to businesses and consumers while preserving flexibility to respond, should inflationary pressures intensify further," said Shishir Bhaijal, international partner, chairman and managing director and Knight Frank India.

The RBI also announced steps to attract dollar inflows and ease pressure on the rupee from rising crude oil prices triggered by the Middle East war and record foreign outflows.

India exempted foreign institutional investors from capital gains tax on interest from government securities in a measure to boost inflows into the debt market.

Tax-exempt bond gains could help attract more foreign capital into India, support the rupee, lower yields and improve broader investor sentiment.

(Reporting by Vivek Kumar M and Bharath Rajeswaran; Editing by Sonia Cheema and Sherry Jacob-Phillips)

By Bharath Rajeswaran and Vivek Kumar M