Wires

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

* Nifty futures on the Singapore Exchange

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

was down 0.51 percent.

* Asian shares fell on Wednesday, led by losses in technologyand materials stocks after brokerage downgrades for top chipmaker Intel Corp

and a warning from global miner RioTinto

about the uncertain near-term outlook.

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

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

(manoj.dharra@thomsonreuters.com)