* NSE index, BSE index down 0.3 pct each
* Ambuja Cements top pct loser on NSE index
* Maruti Suzuki hits record high on positive April sales
By Samantha Kareen Nair
May 2 Indian shares fell on Tuesday, led by
Ambuja Cement after its weaker-than-expected quarterly
results raised concerns about corporate results, although losses
were capped as some auto makers rallied after posting jumps in
Analysts said they expect indexes to trade range-bound as
companies continue to report results, though the overall outlook
remains hopeful about an economic recovery.
A business survey on Tuesday showed that manufacturing
activity in the country expanded for a fourth consecutive month
in April, helped by stronger growth in new orders although rises
in output and employment slowed.
"Markets are in a consolidation mode as the corporate
earnings season unfold," said Rakesh Tarway, head of research,
Reliance Securities Ltd. "Till the end of the earnings season,
we can only expect to see a day-to-day sector-based or
stock-based impact on the indexes based on the earnings
The broader NSE index was down 0.3 percent at
9,277.35 as of 0601 GMT.
The benchmark BSE index was 0.31 percent lower at
Indian markets were closed on Monday for a public holiday.
Ambuja Cements fell as much as 4.21 percent after its
quarterly profit missed estimates, becoming the main drag on the
Shares of most Indian auto makers however rose after they
reported a jump in April vehicle sales on Monday.
Maruti Suzuki gained as much as 2.53 percent to a
record high of 6,690 rupees, while Eicher Motors rose
2.61 percent to a record high of 26,747.90 rupees.
Oil refiners also rose on hikes in petrol and diesel prices.
Bharat Petroleum Corp gained as much as 2.75 percent,
Hindustan Petroleum Corp rose as much as 2.40 percent,
while Indian Oil Corp climbed as much as 1.87 percent.
(Reporting By Samantha Kareen Nair in Bengaluru; Editing by