RPT-Indian stock futures dip, short built-up persists

(Repeats story issued late on Tuesday)

MUMBAI, Nov 3 (Reuters) - Indian stock futures ended lower on Tuesday as a heavy sell off in cash markets triggered fresh short creation, analysts said.

"The kind of selling we saw today, it beat even my expectations, people on FII segment were ready to sell everything," Manish Kumar, derivatives analyst, Pinc said. "Even the global markets are weak, but our market has fallen much more."

The November Nifty futures contract NIFc1 closed down 3.15 percent at 4,559.35 points, a discount of 4.55 points to the spot index .NSEI, which ended down 3.14 percent at 4,563.90 points. On Friday, Nifty futures ended down 1.4 percent at 4,707.75, while the markets were shut on Monday.

Many index constituents like heavyweight Reliance Industries RELInsc1 and State Bank of India SBInsc1 saw creation of fresh shorts, Reuters data showed.

Other index constituents like engineering and construction play Larsen and Toubro LARTnsc1, and state-run Oil and Natural Gas ONGCnsc1 saw long unwinding, Reuters data showed.

Technically, the market is on a over-sold position and has to bounce back sometime, he said. The markets are likely to find intermediate support at 4,480 and may test 4,350 levels if earlier support is breached, he added.

"We may see a bounceback tomorrow or day after tomorrow of about 100 or 150 points," he said. (Reporting by Ketan Bondre; Editing by Prem Udayabhanu)