Indian shares set to extend fall into 5th day

MUMBAI (Reuters) - Indian shares are likely to extend their losing streak to a fifth day on Friday after the latest sour signals about the health of the U.S. economy dragged down equity markets elsewhere in Asia.

Before the open, No. 3 software exporter Wipro reported a lower-than-expected 11 percent rise in December quarter profit to 8.26 billion rupees under U.S. accounting system.

Top tobacco maker ITC Ltd is expected to report a 13.5 percent rise in quarterly profit and leading mortgage lender Housing Development Finance Corp also releases results on Friday.

"The weakness which we have seen in the last few days will continue," said Ambareesh Baliga, vice president at Karvy Stock Broking in Mumbai.

"I don't even expect a volatile market. It will be straight down."

Asian stocks tumbled anew on Friday after a plunge in regional factory activity in the United States and a hefty loss at Merrill Lynch aggravated concerns about the health of Asia's top export market.

At 0327 GMT, Japan's benchmark Nikkei average had dropped 2.8 percent and MSCI's measure of other Asia Pacific stocks was down 2.3 percent after the S&P 500 index plummeted to a 15-month low on Thursday.

India's main index fell for a fourth day on Thursday ending down 0.84 percent at 19,700.82, its lowest close in about a month.

The index has lost 5.4 percent or about 1,127 points this week as fears of a recession in the U.S. has weighed and as share sales in the primary market, including a $3 billion public offer by Reliance Power, squeezed funds available to buy stocks.