Housing Development Finance Corp could fall after sources told Reuters U.S. private equity investor Carlyle Group plans to sell about 20 million shares in the leading Indian mortgage lender via stock market deals on Wednesday.
Carlyle, which owns just over 5 percent of HDFC, could raise up to $283 million in the planned deal that will cut its stake in the Indian company to nearly 4 percent, the sources said.
Investors will also watch January sales releases from automakers such as Maruti Suzuki, Tata Motors and Mahindra & Mahindra.
The Nifty India stock futures in Singapore were down 0.29 percent, indicating a lower open for the local market.
On Tuesday, India's benchmark share index closed 1.96 percent higher at 17,193.55, taking gains for last month to
more than 11 percent in what was its best January since 1994.
STOCKS TO WATCH
* UTV Software Communications Ltd may rise after Walt Disney Co said it would acquire controlling stake in the Indian company and delist UTV.
* Jet Airways, Kingfisher Airlines, Spicejet could rise after Indian Oil Corp, the country's biggest oil marketing company, said it would cut jet fuel prices by up to 3.1 percent from Wednesday.
FACTORS TO WATCH
* Indian rupee report
* Indian bond report
* Euro shaken by month-end flows, China PMI looms
* Brent edges up, but U.S. data curbs surge
* Stocks pressured by growth worries, focus on PMI data
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