MUMBAI: 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.
 
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 Oct. 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.
 
“Q2 or FY13 earnings are more than discounted in the price and valuations look rich,” he said.
 
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’…