BSE Sensex to open lower, oil firms watched

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BSE Sensex to open lower, oil firms watched

The BSE Sensex is seen opening down on Wednesday as investors take stock of a poor corporate results season in Asia's third-largest economy and remain cautious on a lack of definitive moves from Greece and Italy to resolve Europe's debt crisis.

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The BSE Sensex is seen opening down on Wednesday as investors take stock of a poor corporate results season in Asia's third-largest economy and remain cautious on a lack of definitive moves from Greece and Italy to resolve Europe's debt crisis.

Shares in state-run petrol firms Indian Oil Corp , Bharat Petroleum and Hindustan Petroleum will be watched early after gasoline prices were cut on Wednesday.

The refiners cut gasoline prices by about 3.2%, the first reduction in three years, in a move that could help to ease inflation that has inched close to double digits and curbed investor appetite.

Tech Mahindra shares will also be in focus after India's fifth largest software services firm posted a 60% rise in September quarter net profit late on Tuesday, but echoed fears of a European slowdown hitting the revenues of India's flagship IT industry.

Asian shares struggled on Wednesday as signs that rising borrowing costs were affecting AAA-rated France stirred fears that even core euro zone members may not escape contagion from the region's debt crisis.

The political outlook remained unclear in Italy and Greece as the debt-laden nations attempt to push through severe austerity measures needed to get bail-out funds and win market confidence.

MSCI's broadest index of Asia Pacific shares outside Japan inched down 0.1%, while Japan's Nikkei stock average opened up 0.1% on Wednesday.

The Nifty India stock futures in Singapore were down 0.4% at 0250 GMT, suggesting a weak opening for the domestic market.

The main 30-share stock index fell 1.4% on Tuesday to its lowest close in more than three weeks, and its fourth consecutive slide.

Stocks to watch

* Jindal Steel and Power after a government official told Reuters the company had signed an agreement with the government of Orissa to set up an industrial park at a cost of Rs 5 billion.

* Karuturi Global Ltd after its board approved allotment of 3.5 million shares to Bennett Coleman & Co on preferential basis at 21.60 per share.