BSE Sensex recovers over 86 points, Nifty up by 34 points in early trade
* US stocks climbed on Tuesday, recovering a day after the market's biggest sell-off since November, as stronger-than-expected earnings brightened the profit picture.
FACTORS TO WATCH
* Earnings: Cipla Ltd, Tech Mahindra Ltd
* Day 1 of RBI's central board meeting in the eastern city of Guwahati.
* India money supply data (0930GMT)
INDIAN STOCKS TO WATCH
* The Indian tax authorities have sent sternly-worded letters asking several companies that paid lower service tax or excise duty than last year to explain the decline, The Economic Times reported citing a review of the letters.
* Kotak Mahindra Bank Ltd said on Tuesday it acquired the business loans portfolio of the Indian arm of Barclays Plc.
* Housing Development Finance Corporation (HDFC), India's biggest housing finance company, will reduce its prime lending rate by 10 basis points starting Feb. 6, it said on Tuesday.
* United Bank of India's October-December net profit fell 81.3 percent to 422 million rupees from a year ago.
* The Indian government expects to raise around 120 billion rupees ($2.25 billion) by selling a 9.5 percent stake in state power utility NTPC Ltd in a share auction on Thursday, Disinvestment Secretary Ravi Mathur said.
* The food ministry has decided to seek Cabinet approval to lift controls on sugar, a senior food ministry official said.
* In a move that will increase electricity tariffs by up to 13 paise a unit, the
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