Indian shares nudge up; Reliance Comm falls

* Shares recover on bargain hunting after recent fall

* ICICI Bank leads gainers as investors cheer Q2 results

* Reliance Comm drops as much as 7.8 pct as profit halves

* L&T gains on order win; autos rise on higher Oct sales
(Updates to midday)

MUMBAI, Nov 3 (Reuters) - Indian shares pulled back on
Tuesday from an early slide, led by gains in ICICI Bank
(ICBK.BO) and Larsen & Toubro (LART.BO), as investors picked
bargains after a steep fall.

Private-sector lender ICICI Bank climbed 2.9 percent to
812.90 rupees, after it posted an unexpected rise in quarterly
profit, helped by trading gains and lower provisions, which
offset a rise in bad debts. [ID:nBOM140323]

Larsen & Toubro was up 1.7 percent at 1,594 rupees after
the engineering and construction firm said it won a $1.5
billion order. [ID:nBMA006325]

By 12:01 p.m. (0631 GMT), the 30-share BSE index .BSESN
was up 0.23 percent at 15,933.55, with 17 of its components
trading in the green.

The benchmark had shed 7.2 percent in October, its worst
monthly fall in a year. [ID:nBOM458191]

Auto companies pulled ahead on robust vehicle sales for
October.

Top vehicle maker Tata Motors (TAMO.BO) climbed 1.9 percent
to 575.90 rupees after its sales in October grew by 34 percent
from a year earlier. [ID:nBOM104838]

Maruti Suzuki (MRTI.BO) and Mahindra and Mahindra (MAHM.BO)
were up 1.5 percent and 2 percent respectively.

The market had started shakily and fell nearly 9 percent
after a three-day weekend, weighed down by losses in world
markets and disappointing earnings from large companies.

"Consolidation should continue over few sessions but a
steep downside is ruled out," said Vaibhav Sanghavi, director
of Ambit Capital.

Reliance Communications (RLCM.BO) fell as much as 7.8
percent after the No. 2 mobile operator said on the weekend its
quarterly net profit halved as network expansion costs,
derivative losses and low-paying users weighed. [ID:nDEL128465]

"We reiterate reduce on RCom as low tariffs are unlikely to
provide sustainable advantage over the competition," BNP
Paribas Securities said in a note.

Reliance Communications was down 4.4 percent at 168.20
rupees after hitting their lowest since March 25.
[ID:nDEL225049]

Energy giant Reliance Industries (RELI.BO) shed 1.4 percent
to 1,905.25 rupees after it posted its fourth straight decline
in quarterly profits late on Thursday. [ID:nBOM410990]

Consumer goods maker Hindustan Unilever (HLL.BO) and
aluminium producer Hindalco (HALC.BO) shed 3 percent and 3.9
percent respectively following a drop in quarterly profit.
[ID:nBOM377381] [ID:nBOM490316]

In the broader market, losers led gainers in the ratio of
1.7:1 on volume of 167 million shares.

The 50-share NSE index was up 0.3 percent at
4,724.50.

STOCKS ON THE MOVE

* Suzlon Energy (SUZL.BO) was down 8.3 percent at 61.35
rupees after the wind turbine maker said its July-September
loss widened and it cut its full-year sales forecast due to
order delays. [ID:nN31447140] [ID:nBOM535009]

The stock fell as much as 11 percent in early deals.

* Unity Infraprojects Ltd (UTIL.BO) was up 2.5 percent at
451 rupees after the firm said a joint venture with IVRCL
Infrastructure & Projects Ltd (IVRC.BO) won a contract worth
11.46 billion rupees for the construction of a tunnel in
Mumbai. [ID:nBMB009005]

MAIN TOP 3 BY VOLUME

* Sanghi Industries (SNGI.BO) on 11.1 million shares

* Suzlon Energy on 9.8 million shares

* Indiabulls Power (INDP.BO) on 4.1 million shares

FACTORS TO WATCH
* For technical analysis double click on www.reutersindia.net
* India rupee report
[INR/]
* India bond report
[IN/]
* Dollar soft, Aussie firms ahead of rate verdict
[FRX/]
* Oil extends gains above $78, eyes U.S. crude stocks
[O/R]
* Dollar down, gold up before c.banks meet
[MKTS/GLOB]
* Wall St ends higher on factory, housing data
[.N]
* For closing rates of Indian ADRs
INADR
(Reporting by Ami Shah; Editing by Ranjit Gangadharan)