Indian shares down

Indian shares fell on Tuesday as Tata Motors retreated after monthly sales at unit Jaguar Land Rover disappointed, while Reliance Industries was pressured by profit-taking after quarterly earnings met forecasts. After surging 7.7 percent in September, India's benchmark BSE index has fallen 1 percent so far this month, signalling a period of consolidation following the government's fiscal and economic reforms.
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Investors now expect more details on how the government will implement these measures, while hoping the Reserve Bank of India will respond to the government measures by cutting interest rates at its policy review on October 30. Earnings will also be key, with HCL Technologies set to post results on Wednesday.
"Actual movement on reforms after so many committee reports is most important even compared to earnings or RBI policy," said Vivek Mahajan, head of research at Aditya Birla Money. India's BSE index fell 0.73 percent, or 135.85 points, to 18,577.70 points. The 50-share NSE index lost 0.69 percent, or 39.25 points, to 5,648.00 points.
Reliance Industries shares fell 1.3 percent as investors booked profits after April-June earnings met forecasts following a rebound in refining margins. HSBC cut Reliance to 'underweight' from 'neutral' saying the Indian energy conglomerate was unlikely to sustain the jump in refining margins, while also citing concerns about the recent rally in share prices.
Since its first-quarter earnings results on July 20, Reliance shares had surged 13.9 percent as of Monday. Tata Motors was also among the top decliners, ending down 2.6 percent, after sales for key unit Jaguar Land Rover fell 4 percent in September, marking the first monthly decline since July 2011.
Mahindra & Mahindra shares fell 3.8 percent after Credit Suisse downgraded the stock to 'neutral' from 'outperform' saying the Indian auto maker's product cycle in utility vehicles will peak, while also pointing to its lower-than-expected tractor sales. Cement stocks were hit by profit-taking ahead of a slew of earnings results due on Thursday. ACC fell 2.9 percent after surging 13.8 percent s i nce the start of September.
Ambuja Cements shares fell 2.4 percent after surging 15.8 percent in the same period. Cement shares had gained on hopes of pick up in sales as construction activity pick up after monsoon season ends in October.
However, among gainers, Maruti Suzuki shares gained 2.15 percent after introducing a cheaper, more powerful and fuel-efficient version of its Alto at a base price of 244,000 rupees ($4,600), which analysts say could boost its sales. Axis Bank rose 2.4 percent after posting a 22.2 percent jump in July-September earnings.