Indian shares Down

Indian shares fell more than 1 percent to their lowest since early November on Friday morning, following falls in world markets, with traders cautious ahead of central bank's quarterly policy review. The Reserve Bank of India is expected to tighten banks' reserve requirements in its review, due at 0545 GMT, and traders are wary of the risk that interest rates could also be increased. Export-driven software companies, which earn around half of their revenue from United States, after some disappointment with corporate results there. Infosys Technologies (INFY.BO) and Tata Consultancy Services (TCS.BO) dropped 3 percent and 2.6 percent respectively, and Wipro (WIPR.BO) shed 3.3 percent. At 9:40 a.m. (0410 GMT), the 30-share BSE Index .BSESN was down 1.14 percent at 16,120.88,with 25 components falling. The benchmark is down 7.6 percent so far in January. It rose 81 percent in 2009. "Global cues are bad. Also, people are nervous before RBI policy," said Neeraj Dewan, director of Quantum Securities.

For Further: www.reuters.com/article/idUSSGE60S04T20100129