Indian shares retreat from near 3-year closing high; U.S. jobs data key

Tue Oct 22, 2013 4:26pm IST

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* BSE index falls 0.14 pct; NSE ends 0.03 pct lower
    * Hero MotoCorp operating profit may lag estimates -
StarMine
    * Foreign investors extend buying streak to a twelfth day
    * Third Wockhardt India plant hit by export restrictions

    By Abhishek Vishnoi
    MUMBAI, Oct 22 (Reuters) - Indian shares edged lower on
Tuesday, backing away slightly from near three-year highs hit in
the previous session, as Hero MotoCorp fell a day ahead of its
quarterly earnings, while caution prevailed ahead of a key U.S.
monthly jobs report.
    The U.S. non-farm payrolls report later in the day may help
calibrate bets on when the Federal Reserve would start the
expected tapering of its monetary stimulus. 
    At home, traders are also growing cautious ahead of earnings
from major companies such as ICICI Bank and ITC Ltd
, while the Reserve Bank of India is due to hold its
policy review on Oct. 29.
    Still, sentiment remains buoyed as foreign investors
continue to purchase Indian shares, remaining net buyers for a
twelfth consecutive session on Monday for a combined total of
103.1 billion rupees ($1.68 billion), according to regulatory
and exchange data show.
    "Earnings from better business except pharmaceuticals are
out, so expect some short-term correction given recent gains"
said Paras Adenwala, managing director and principal portfolio
manager at Capital Portfolio Advisors.
    The benchmark BSE index edged down 0.14 percent, or
28.92 points, to end at 20,864.97 after hitting its highest
level since November 2010 on Monday.
    The broader NSE index drifted down 0.03 percent, or
2.15 points, to end at 6,202.80.
    Hero MotoCorp Ltd fell 1.6 percent ahead of its
July-September earnings due on Wednesday.
    Hero may miss the consensus operating profit forecast for
the July-September quarter, according to Thomson Reuters
StarMine data. 
    Reliance Industries Ltd fell 1 percent on
profit-taking after rising more than 5 percent in the last three
consecutive sessions until Monday.
    Wockhardt Ltd fell 4 percent after Britain's drug
regulator revoked the quality compliance certificate for one of
its factory in India, the drugmaker said on Tuesday, the third
of its plants to be hit by export restrictions this year.
 
    Karnataka Bank Ltd fell 5 percent after its
September quarter profit plunged 75 percent to 289.5 million
rupees. 
    However among stocks that gained, Yes Bank Ltd 
rose 3.7 percent after its net profit rose 21.2 percent to 3.71
billion rupees, beating analysts' estimates. 
    Indian sugar companies rallied after global raw sugar
futures spiked to a one-year high after a fire engulfed four
warehouses in Brazil's Santos port, jeopardizing a fifth of
monthly exports from the top producer's main terminal.
 
    Shree Renuka Sugars Ltd surged 10.3 percent, Bajaj
Hindusthan Ltd gained 4.2 percent, while Balrampur
Chini Mills Ltd rose 1.5 percent.
    Wipro Ltd rose 1.7 percent ahead of its
July-September earnings later in the day.
    
   For additional stocks on the move double click        
     
   FACTORS TO WATCH                                             
* Dollar holds near lows before U.S. jobs data            
* U.S. oil hits 3-1/2-mth low below $99 on stock build     
* Dollar inches higher ahead of U.S. jobs data       
* Foreign institutional investor flows          
* For closing rates of Indian ADRs                       
                       
   ASIA-PACIFIC STOCK MARKETS:                                  
Pan-Asia........ Japan.......   S.Korea... 
S.E. Asia.......        Hong Kong...  Taiwan.... 
Australia/NZ....        India.......  China..... 
                        
   OTHER MARKETS:                                               
Wall Street ....         Gold ....... Currency.. 
Eurostocks.....         Oil ........  JP bonds... 
ADR Report .....       LME metals. US bonds.. 
Stocks News US.. Stocks News Europe     
                       
   DIARIES & DATA:                                              
Indian Data Watch   Asia earnings diary 
U.S. earnings diary     European diary       
Indian diary          Wall Street Week Ahead  
Eurostocks Week Ahead                                   
                         
   TOP NEWS:                                                    
   For top Asian company news, double click on:       
   U.S. company news  European company news  
   Forex news        Global Economy news  
   Technology news  Telecoms news        
   Media news       Banking news           
   Politics/General    Asia Macro data      

 (Editing by Anand Basu)
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