Indian shares seen choppy; Tata Steel likely to fall

NEW DELHI, Feb 10 (Reuters) - Indian shares are
expected to be choppy on Friday, with Tata Steel seen
falling after the company reported an unexpected quarterly loss,
its first in more than two years.
Tata Steel, the world's No.7 steelmaker which operates
two-thirds of its global capacity of about 28 million tonnes in
Europe, warned it did not expect a significant revival in demand
in its core markets in 2012.
Arun Kejriwal, strategist at research firm KRIS, said
investors would watch December industrial output data for
direction.
Analysts expects the data, due around 11 a.m. (0530 GMT), to
show output grew at a weaker annual rate of 3.4 percent from
November's 5.9 percent.
"The market has been rallying for almost six weeks. The
question is how long can it sustain," Kejriwal said
Global markets were lower as investors keep a cautious view
over Greece's debt restructuring prospect after Athens struck a
deal on fiscal reforms to avoid a default.
The MSCI's measure of Asian markets other than Japan
was down 0.63 percent by 0248 GMT, while the
Nifty India stock futures in Singapore dropped 0.28
percent, indicating a lower start.
On Thursday, the BSE index closed up 0.7 percent
17,707.32 points, taking gains to move than 15 percent in 2012.

STOCKS TO WATCH
ACC may rise after the cement maker reported
higher-than-expected 86 percent rise in December-quarter profit.

Hindustan Petroleum Corp is expected to rise after
the state-run oil marketing company said after market closed on
Thursday its quarterly profit jumped 13-fold.
Jindal Stainless may fall after it reported a
December-quarter loss of 1.1 billion rupees.
GTL Infrastructure will be watched after it
reported December-quarter loss of 14.3 million rupees, compared
with 619.9 million rupees a year ago.

FACTORS TO WATCH
* Indian rupee report
* Indian bond report
* Euro near two mth highs after Greece; yen heavy
* Brent rises for 8th day after Greek bailout deal
* Investors cautious despite Greece deal
* Greek deal leads to modest gains on Wall St
* For closing rates of Indian ADRs
* For Foreign institutional investor flows
(Reporting by Sanjeev Choudhary; Editing by Editing by Ranjit
Gangadharan)

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