MARKET EYE-Indian shares fall; banks, telecom stocks down

* The BSE index down 0.32 percent , while the NSE index
falls 0.4 percent.
* Interest rate-sensitive stocks fall, with ICICI Bank
down 1.4 percent, while State Bank of India falls 1.2
percent, after the central bank chief was reported by media as
saying inflation was "still quite high", denting hopes of a 50
basis points rate cut this month.
* Telecom stocks fall on profit-booking after a substantial rise
in January, as of Tuesday's close.
* Idea Cellular falls 3.9 percent, while Reliance
Communications is down 4 percent.
* Shares in Reliance Industries gain 2.4 percent
after rival Essar Oil Ltd said it swung to a net
profit in the October-December quarter, with gross refining
margins at a healthy $9.75 a barrel.

(abhishek.vishnoi@thomsonreuters.com /;
abhishek.vishnoi.thomsonreuters.com@reuters.net)