* NSE index down 0.29 pct, BSE index 0.17 pct lower
* Tata Motors top drag to NSE
* Some IL&FS group stocks hit lower circuit
By Tanvi Mehta
Oct 9 (Reuters) - Indian shares fell on Tuesday, dragged down by automaker Tata Motors Ltd, as investors refrained from making big bets ahead of corporate results and weakening global cues.
Indian companies are slated to start reporting corporate results later this week, with top software services exporter Tata Consultancy Services Ltd reporting results for the quarter ended September on Oct. 11.
Trading sentiment across the globe remained subdued, with Asian shares at a 17-month low as China allowed its currency to slip past a psychological bulwark amid sharp losses in domestic share markets.
There is value across sectors, but markets are awaiting some triggers with corporate earnings and state elections in India and mid-term polls in the United States, said Neeraj Dewan, director at Quantum Securities.
Global factors such as rising bond yields, oil prices and a weakening rupee are also weighing on the investment sentiment.
The broader NSE index was down 0.29 percent at 10,318.20 as of 0550 GMT, while the benchmark BSE index was 0.17 percent lower at 34,414.24.
Tata Motors Ltd was the top drag on the NSE index, with shares falling as much as 14 percent to their lowest level since Jan. 2, 2012, after unit Jaguar Land Rover (JLR) reported a fall in sales for September.
JLR said it will close its Solihull plant for two weeks later this month as sales fell in China due to import duties and a trade war with the United States.
Nifty Auto index fell as much as 2.2 percent.
IL&FS group’s woes continued after Infrastructure Leasing & Financial Services said on Monday it was unable to service obligations for inter corporate deposit due Oct. 8. IL&FS Transportation Networks Ltd and IL&FS Engineering and Construction Company Ltd hit lower circuit after falling as much as 9.9 percent.
Mortgage lenders got some relief after the ministry said National Housing Bank will raise its refinance limit to 300 billion rupees ($4.05 billion) for July 2018-June 2019.
Dewan Housing Finance Corporation Ltd, Edelweiss Financial Services Ltd and JM Financial Ltd JMSH.NS rose about 4 percent each. ($1 = 74.0900 Indian rupees) (Reporting by Tanvi Mehta in Bengaluru; Editing by Rashmi Aich)