MUMBAI, Oct 27 (Reuters) - Indian shares are set to open
lower on Tuesday, in line with the fall in global markets on
renewed concerns about economic recovery, but the central
bank's quarterly monetary policy should provide further cues.
The second quarter review of Reserve Bank of India's
monetary policy is due at 0545 GMT.
RBI is likely to keep its benchmark lending and borrowing
rates on hold in its quarterly policy review, a Reuters poll
showed. [ID:nBOM432800]
"We are headed lower along with the markets elsewhere. We
may test 4,904 level on Nifty and chances are we might break
that and head lower towards 4,800 in days to come," said V. K.
Sharma, head of research at Anagram Stock Broking.
Earnings announcements from large corporates should also
provide direction, dealers said.
The country's third-largest software outsourcer Wipro
(WIPR.BO), will be in focus, after it posted a 21 percent rise
in quarterly profit, beating market estimates, as it won new
outsourcing contracts and pressure on fees eased.
[ID:nBMA006228]
Top vehicle maker Tata Motors (TAMO.BO) will be watched
after it said rising input costs would put its margins under
pressure after it beat forecasts with a second-quarter profit
of more than double over last year. [ID:nBNG477862]
Tata Motors American Depositary Shares (TTM.N) rose 4.45
percent overnight after the earnings announcement.
The world's eighth largest steel maker Tata Steel (TISC.BO)
will announce its September quarter results after market hours.
Asian shares were in the red with the MSCI's measure of
Asian markets other than Japan .MSCIAPJ trading 1.2 percent
lower by 0338 GMT, while Japan's Nikkei .N225 was down 1.4
percent.
The Nifty India stock futures in Singapore SINc1 were
trading 0.7 percent lower, indicating the domestic market would
open weak. ----------------MARKET SNAPSHOT AT 0339
GMT----------------
INSTRUMENT LAST PCT CHG NET CHG
S&P 500 .SPX 1066.95 -1.17% -12.650
USD/JPY JPY= 92.09 -0.15% -0.140
10-YR US TSY YLD US10YT=RR 3.5466 -- -0.011
SPOT GOLD XAU= $1041.6 0.43% 4.500
US CRUDE CLc1 $78.77 0.11% 0.090
DOW JONES .DJI 9867.96 -1.05% -104.22
ASIA ADRS .BKAS 123.32 -0.13% -0.16
-------------------------------------------------------------
STOCKS TO WATCH
* Drug firm Lupin (LUPN.BO) after its top official said its
ongoing issue with the U.S. FDA may be resolved by end-2009.
[ID:nBOM354545]
* Era Infra Engineering (ERCI.BO) after the firm said it
has won two orders worth 1.3 billion rupees from Bharat Heavy
Electricals Ltd (BHEL.BO) and the Central Public Works
Department (CPWD). [ID:nBOM529759]
* Steelmaker Jai Balaji Industries (JAIB.BO) after a top
official said the firm is planning to raise 13 billion rupees
as debt over the next 6 months, for funding its 160 billion
rupee integrated steel plant in West Bengal. [ID:nBOM103635]
* State-run lender IDBI Bank (IDBI.BO) after its top
official said it will raise $225 million via syndicated loans
to meet growth requirements. [nBOM503783]
* Car maker Hindustan Motors (HMTR.BO) after it said its
net profit for the September quarter was 274.2 million versus
loss of 162.1 million rupees. [ID:nBMB008818]
* Ship-builder Bharati Shipyard (BHAR.BO) after it reported
its July-Sept net tad lower at 326.85 million rupees versus
331.62 million rupees for the year ago quarter. [ID:nBMB008819]
* State-run Lignite maker Gujarat Mineral Development
Corporation Ltd (GMDC.BO) after it reported net profit more
than doubled to 380.4 million rupees for July-Sept quarter.
[ID:nBMB008821]
FACTORS TO WATCH
* For technical analysis double click on www.reutersindia.net
* India rupee to drop on weak Asian units; plcy eyed
[INR/]
* FOREX-Dollar keeps balance as euro, Aussie checked
[FRX/]
* NYMEX-Crude below $79, down for 4th day [O/
R]
* GLOBAL MARKETS-World stocks and oil slip, US dollar gains
[MKTS/GLOB]
* US STOCKS-Wall St sinks on home builder fears, financials
[.N]
* For closing rates of Indian ADRs
INADR
(Reporting by Ami Shah and Ketan Bondre, Jarshad Kakkrakandy)
