Indian shares down; Tata Motors, Wipro up

* Shares fall as world markets weaken

* Tata Motors, Wipro buck trend on forecast-beating results

* Market awaits cbank's monetary policy.

(Updates to morning)

MUMBAI, Oct 27 (Reuters) - Indian shares were trading lower
on Tuesday, weighed down by the weakness in global markets, but
forecast beating earnings lifted Tata Motors (TAMO.BO) and
Wipro (WIPR.BO), limiting the losses.

Investors awaited the Reserve Bank of India's quarterly
monetary policy review which is due by 0545 GMT for further
cues.

The central bank is likely to keep its benchmark lending
and borrowing rates on hold in its quarterly policy review, a
Reuters poll showed. [ID:nBOM432800]

By 10:25 a.m. (0455 GMT), the 30-share BSE Index
was trading down 0.59 percent at 16,641.09, with 19 of its
components declining.

"We will continue to trade lower today. There won't be any
change in direction after RBI's policy, because we as it is do
not expect many changes there," said D. D. Sharma, senior
vice-president at Anand Rathi Securities.

"The important support level of 4,950 on Nifty is broken.
If we close below that level today, the trend in near-term will
be negative," added Sharma.

Banks were mixed, ahead of the central bank's policy
review.

Private lender ICICI Bank (ICBK.BO) was down 0.6 percent at
885.85 rupees, while rival HDFC Bank (HDBK.BO) shed 1.15
percent to 1,668.50 rupees.

Top lender, State Bank of India (SBI.BO), bucked the trend,
and rose 0.9 percent to 2,326.90.

Energy giant Reliance Industries (RELI.BO) extended losses
and was down 1 percent at 1,994.50.

Wipro, the country's third-largest software services firm,
led the gainers, as it beat estimates with a 21 percent rise in
quarterly profit and forecast strong growth as it won new
outsourcing deals and pricing pressure eased. [ID:nBOM412587]

The stock was up 3.7 percent at 613 rupees, and the
sentiment helped pull up other sectoral stocks as well.

"In the subsequent quarters Indian IT firms will see higher
volume play on a stable pricing plane," Deven Choksey, managing
director and CEO of K. R. Choksey said.

"This should return companies to report sequential growth
over the next 4-6 quarters gradually," added Choksey.

Sector leader Tata Consultancy (TCS.BO) climbed 1 percent
while next in rank Infosys Technolgoies (INFY.BO) gained half
a
percent.

Top vehicles maker Tata Motors (TAMO.BO) rose 2.3 percent
to 551.80 rupees, after it beat forecasts with a second-quarter
profit of more than double over last year. [ID:nBNG477862

"With improvement in the M&HCV (medium and heavy commercial
vehicles) volumes and higher demand for its LCV (light
commercial vehicle) products, Tata Motors is set to reap the
benefit of the recovery in the economy," Surjit Arora, analyst
at brokerage Prabhudas Lilladher said in a note.

In the broader market, losers were more than double the
number of gainers in a volume of 68 million shares.

The 50-share NSE index was down 0.6 percent at
4,940.60.

STOCKS ON THE MOVE

* Areva T&D (AREV.BO) was down 6.1 percent to 295.70
rupees, after the power transmission and distribution
equipments maker said its September quarter net profit dropped
by 57 percent. [ID: nBOM205718]

* Hindustan Motors (HMTR.BO) rose as much as 8.47 percent
to 23.7 rupees after the auto parts maker said its net profit
for the September quarter was 274.2 million versus a loss of
162.1 million rupees. [ID:nBMB008818]

The stock was up 3 percent at 22.50 rupees.

MAIN TOP 3 BY VOLUME

* Unitech (UNTE.BO) on 4.3 million shares

* Zee News (ZEEN.BO) on 3.2 million shares

* Thinksoft (THIN.BO) on 3 million shares

FACTORS TO WATCH
* For technical analysis double click on www.reutersindia.net
* India rupee report
[INR/]
* India bond report
[IN/]
* Dollar keeps balance as euro, Aussie checked
[FRX/]
* Oil hovers below $79, market seeks fresh cues on economy

[O/R]
* Asia shares dip, weak oil hits resource firms
[MKTS/GLOB]
* Wall St sinks on home builder fears, financials
[.N]
* For closing rates of Indian ADRs
INADR
(Reporting by Ami Shah; Additional reporting by Narayanan
Somasundaram; Editing by Jarshad Kakkrakandy)