BSE Sensex seen opening flat, data eyed

MUMBAI (Reuters) - The BSE Sensex is expected to open little changed on Tuesday as investors await more details on the approval of a crucial second bailout package for Greece, and ahead of the first release of India's new annual CPI inflation data.

Markets across Asia recovered some losses but remained negative after news that European finance ministers reached a deal on a 130 billion Euro package for the debt-stricken European country.

The long-awaited deal aims to cut Greece's debts to 121 percent of GDP by 2020, EU officials said.

India will release its first ever annual inflation data based on the consumer price index (CPI) on Tuesday, a move to monitor retail prices that is expected to make monetary policy more effective in addressing demand-driven pressures.

Kingfisher Airlines , the cash-strapped Indian carrier, are expected to fall after a weekend of cancelled flights that saw it summoned to the aviation regulator and its bank accounts frozen.

The MSCI's measure of Asian markets other than Japan <.MIAPJ0000PUS> was down 0.3 percent at 8:25 a.m. (0255 GMT), minutes after news of the bailout package.

The Nifty India stock futures in Singapore were trading lower, indicating a weaker open for the local market.

The main 30-share index <.BSESN> posted its seventh straight weekly rise last week, its best run in nearly two years, bolstered by strong foreign fund inflows.

The market was closed on Monday for a local holiday and there are concerns shares have run up too fast in a short span of time.

The benchmark index is up 18 percent this year, mainly on buying by overseas portfolio investors who have pumped in over $4.4 billion so far this year, after pulling out more than $500 million in 2011.

STOCKS TO WATCH

* Syndicate Bank is likely to rise after it said it planned to raise 5.4 billion rupees through an issue of preferential shares to the government.

* Allahabad Bank