MUMBAI, Aug 23 (Reuters) - Indian stocks may post modest gains on Tuesday, tracking Asian peers, with investors likely to continue bargain-hunting after heavy losses last week, even though concerns remain about the health of the global economy.
Asian shares edged up on Tuesday after modest gains on Wall Street, but remained deep in negative territory for the month, while gold hit another record above $1,900 an ounce on Tuesday.
The Wall Street ended slightly higher on Monday after four weeks of losses as investors hesitated to take big risks without a catalyst for buying.
On Monday, Indian shares rebounded to end 1.2 percent higher as investors grabbed shares offering value following last week's plunge.
At 0257 GMT, the MSCI's measure of Asian markets other than Japan was higher by 1.2 percent, Japan's Nikkei rose 0.1 percent while South Korea's Kospi was trading 2.53 percent higher.
The Nifty India stock futures in Singapore SINc1 were up by 0.5 percent, indicating a higher opening for the Indian market.
STOCKS TO WATCH
* GVK Power & Infra , after the firm said it will buy a 14 percent stake in Bangalore International Airport from Siemens Project Ventures for 114 rupees per share.
* Zuari Industries , after the agrichemicals maker said a fire broke out in its pipeline in Goa, which is likely to impact supplies and production at its plant.
FACTORS TO WATCH * For technical analysis click on www.reuterstechnicals.net * Indian rupee report * Indian bond report * Euro struggles, eyes on PMI data * Brent crude slips as Libya oil restart eyed * Asian shares edge up but growth fears propel gold * Bargain hunters tiptoe back but remain cautious * For closing rates of Indian ADRs (Reporting by Aniruddha Basu and Nandita Bose; editing by Malini Menon)
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