MARKET EYE-Indian shares down; S&P warning weighs

* The BSE index

falls 0.64 percent, while the 50-shareNSE indexis down 0.68 percent, as profit-taking hitsprivate lenders, including ICICI Bank.

* Sentiment is also impacted by S&P's remarks that India stillfaces a one-in-three chance of a credit rating downgrade withinthe next 24 months despite a new drive for economic reform.

* ICICI bank

falls 1.1 percent after gaining 1.14percent on Tuesday, while HDFC Bank

falls 1 percent.

* Blue chip capital goods stocks also hit by profit-taking:Larsen & Toubro

falls 1.5 percent, while BHELfalls 2.4 percent.