MARKET EYE-Citi downgrades India's Hindalco to 'sell'

* Shares in Hindalco Industries

fall 3.2 percent to121 rupees after Citigroup downgraded the non-ferrous metalsproducer to 'sell' from 'buy' and cut its target price to 118rupees from 164 rupees.* Citigroup says Hindalco has not been immune to macro headwindsor oversupply, and also cites rising costs for fuel/power,slower clearances that are making project economics less viable,and an appreciating rupee among factors behind the downgrade.