There several purposes of this cock.

An engine indicator is used to calculate the

indicated power of the engine, and this is connected to the indicator cock and the
cock opened. The engine indicator is operated as the engine fires when running
normally, the cock being shut before disconnecting the engine indicator.

The indicator cock is opened when the engine is being turned over by the turning
gear and, when being started for the first time after being shutdown to blow out
any water or debris from the cylinder. The cock is then shut for normal running.
Watch-keeping duties include checking the cock is not leaking exhaust gas, if it is
a temporary cap can be screwed on, and the cock replaced at the first opportunity
at next shutdown.

The engine is blown through on air before starting it :

a) To Blow out through indicator cock any residual exhaust gas or other products of
combustion trapped inside the cylinder after shutting the engine.
b) To check if any jacket cooling water from cylinder head or turbocharger or any
other source, has leaked while the engine was shut and collected on top of piston.
If while blowing through, water comes out of indicator cock or relief valve, we
need to investigate and rectify the fault before starting the engine. It is
imperative that the engine is blown through before starting. There have been cases
where the generator engine has been started from control room without bothering to
blow
through first, and water collected on top of piston has resulted in a bent
connecting rod and broken piston.( Reason – water can not be compressed )