BSE Sensex seen creeping up, GDP data awaited

ALSO READ See Key Market Stats - Top Gainers/ Losers, Most Actives, Highs/Lows See how Global Markets are trading Indian ADRs

MUMBAI (Reuters) - The BSE Sensex is expected to open cautiously higher on Tuesday, continuing a five-day rally, but the release of the government's official prediction for economic growth in the current year is seen dictating the market later in the day.

Various estimates from economists and policymakers have pegged India's gross domestic product (GDP) growth at between 7 and 7.5 percent in the fiscal year that ends in March, a sharp fall from 8.4 percent seen in the previous year.

The government will release its estimate at 11 a.m. (0500 GMT)

Mahindra & Mahindra Ltd , India's largest utility vehicle manufacturer, will be in focus as it reports its results for the quarter to end-December, with analysts expecting the company to post a slide in profit on crimped margins.

The Nifty India stock futures traded in Singapore were marginally up at 0250 GMT, pointing to a higher opening for the Indian market.

Asian shares were sluggish on Tuesday, as Greek resistance to the strict conditions attached to a bailout fund for the country doused recent optimism, as renewed fears of a messy debt default gave pause to hopes the global economy is improving.

The MSCI's broadest index of Asia Pacific shares outside Japan was up 0.1 percent at 0250 GMT, while Japan's Nikkei slipped 0.2 percent.

The BSE Sensex rose for a fifth straight session on Monday, gaining 0.6 percent, and taking the benchmark index <.BSESN> 15 percent higher in 2012. Foreign funds have poured more than $3 billion into Indian equities so far this calendar year.

STOCKS TO WATCH

* Trent Ltd may rise after the Tata group retailer said on Monday its board considered raising funds through share sale to institutions and formed a panel to consider this and finalise terms.

* Budget carrier SpiceJet may fall after it reported a quarterly loss on Monday and as auditors said accumulated losses have cast doubt on the ability of the airline to continue.

(Reporting by Henry Foy and Sanjeev Choudhary; Editing by Ranjit Gangadharan)