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MARKET EYE-Indian shares to open lower; FIIs continue to buy

* Nifty futures on the Singapore Exchange

fell 0.34 percent. The MSCI-Asia Pacific index excluding Japan

was down 0.51 percent.

* Asian shares fell on Wednesday, led by losses in technology and materials stocks after brokerage downgrades for top chip maker Intel Corp

and a warning from global miner Rio Tinto

about the uncertain near-term outlook.

* Foreign investors bought 6.13 billion rupees of stocks on Tuesday, when the BSE index

rose 0.45 percent, provisional exchange data showed. * A government panel recommended in a draft report on Tuesday that India should scrap a law that taxes asset transfers retrospectively, a move that could save Britain's Vodafone $2 billion. * Analysts say tax recommendations are positive for FII, and expect the market to gain more strength if the proposed reforms get cleared. * US Federal Reserve Chairman Ben Bernanke will meet RBI Governor Duvvuri Subbarao and the four deputy governors in Mumbai at 1130 IST (0600 GMT) for lunch followed by a closed-door meeting.

(manoj.dharra@thomsonreuters.com)