Indian shares led down by Infosys and ICICI

* Heavyweights Infosys and ICICI lead fall

* Market to remain rangebound - analysts

* Foreign fund inflows seen softening as holidays approach
(Updates to morning)

MUMBAI, Nov 19 (Reuters) - Indian shares fell on Thursday
morning as Asian markets weakened on doubts about the pace of
global recovery and worries about the risk of steps to temper
capital inflows weighed on sentiment.

Infosys Technologies (INFY.BO), ICICI Bank (ICBK.BO) and
Reliance Industries (RELI.BO), which together account for more
than 30 percent of the main index, led the fall.

"Fatigue seems to be taking a toll on the bulls," brokerage
India Infoline said in a note to clients.

"The trouble is there are no great events in the near term
that could trigger a big push towards new highs," it said.

Anxiety over economic recovery and not-so-compelling
valuations of leading stocks after the market's 75 percent-plus
gain this year could lead to some cooling, the brokerage said.

At 10:48 a.m. (0518 GMT), the 30-share BSE Index .BSESN
was down 0.75 percent 16,871.49, with 23 components declining,
after a flat start.

"If stocks have to go up, dollar has to stay weak. But that
does not seem to be the case, which is hurting the stocks,"
said Deven Choksey, managing director of K. R. Choksey Shares,
who did not expect a sharp fall.

Foreign fund inflows of more than $15 billion have powered
the market's rise this year, but there could be some slowdown
into the end of the year, analysts said.

Other emerging markets have also seen a surge in inflows,
prompting some, including Brazil and Taiwan, to impose
controls. Finance Secretary Ashok Chawla said India was not
planning to cap overseas borrowing by corporates, and while
flows were being monitored they were not yet a concern.
[ID:nDEL296681]

Top lenders State Bank of India (SBI.BO) was down 1.1
percent and second-ranked ICICI Bank (ICBK.BO) fell 1.7
percent.

"For banks, there have been concerns over the credit growth
outlook. Also the overall weak market is adding to the negative
sentiment," Choksey said.

Energy giant Reliance Industries fell 0.5 percent to 2,093
rupees, while Infosys lost 1.6 percent to 2,395 rupees.

In the broader market, 1,268 gainers led 1,105 losers,
with 120 million shares changing hands on the Bombay Stock
Exchange.

The 50-share NSE index .NSEI was 0.63 percent down at
5,022.90.

STOCKS ON THE MOVE

* India's third-largest Steel maker JSW Steel (JSTL.BO) was
up 6.4 percent at 1,027.50 rupees. Japan's Nikkei daily said
JFE Holdings (5411.T) was buying a stake of about 10 percent in
the company. [ID:nTKF106747]

* Wind turbine maker Suzlon Energy (SUZL.BO) rose 4.5
percent to 76.60 rupees. Its German unit REpower Systems
RPWGn.DE signed a contract to supply wind turbines with a
total capacity of 18.45 megawatts to U.S. firm Heritage
Sustainable Energy LLC. [ID:nBOM434058]

MAIN TOP 3 BY VOLUME

* Suzlon Energy (SUZL.BO) on 9.2 million shares

* BPL (BPL.BO) on 4 million shares

* Ispat Industries ISPT.BO on 3.7 million shares.

FACTORS TO WATCH
* For technical analysis double click on www.reutersindia.net
* Indian rupee weaker; wary of any steps on inflows [INR/]
* Indian bond yields steady as supply pressure eases [IN/]
* Dollar steady after slip, processes Fed rate comment [FRX/]
* Crude drifts lower; watching dollar, US weather [O/R]
* Recovery doubts grow: Japan stocks 4-mth low [MKTS/GLOB]
* Wall St dips as tech outlook and housing take toll [.N]
* For closing rates of Indian ADRs INADR
( Reporting by Ami Shah and Devidutta Tripathy; Editing by
John Mair)