August 18, 2011 / 3:31 AM / 8 years ago

Indian shares to fall on Asian cues; Idea watched

MUMBAI, Aug 18 (Reuters) - Indian shares are likely to open lower on Thursday, tracking weak Asian peers dragged down by lingering worries about the health of the global economy.

Shares in Idea Cellular will be watched after Malaysia’s Axiata bought 0.9 percent more in India’s fourth-biggest mobile carrier, raising its holding to about 20 percent.

Asian stocks dropped on Thursday following a negative lead from U.S. technology shares. Still, markets were a lot calmer compared with last week, when a crisis of confidence swept through global financial markets after Standard & Poor’s cut the United States triple-A credit rating.

The MSCI’s measure of Asian markets other than Japan was down 0.8 percent by 0315 GMT, while Japan’s Nikkei fell 0.4 percent and South Korea’s Kospi was trading 1.8 percent lower.

The Nifty India stock futures in Singapore SINc1 were down 0.2 percent, indicating a lower opening for the Indian markets.

On Wednesday, India’s 30-share BSE index rose 0.7 percent, snapping a three-day losing streak, as investors hunted for bargains in a market that is among the world’s worst performers so far this year.

STOCKS TO WATCH

* HCL Technologies Ltd , after India’s fourth largest software services provider said it has won a contract from Canada’s Vancouver City Savings Credit Union to automate its loan origination and processing platform.

* Jet Airways Ltd , after a top official said the country’s largest airline by market share aims to increase domestic low-fare capacity to 80-85 percent of total fleet from 72 percent currently.

* Sadbhav Engineering Ltd , after the company said it has been awarded a road project worth 2.02 billion rupees in joint venture with GKC Projects Ltd.

FACTORS TO WATCH * For technical analysis click on www.reuterstechnicals.net * Indian rupee report * Indian bond report * Swiss franc firmer vs euro, SNB steps seen too timid * Oil up on U.S. gasoline draw, equities weigh * Asian stocks shaky, Swiss franc holds * Tech shares fall on weakness, NetApp down late * For closing rates of Indian ADRs (Reporting by Sumeet Chatterjee and Rajesh Kurup; editing by Malini Menon)

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