Sensex falls over 75 points ahead of railway budget

GLOBAL MARKETS ROUNDUP

* Nifty futures on the Singapore Exchange fell 0.3 percent. The MSCI-Asia Pacific index, excluding Japan fell 0.5 percent

* Asian shares fell on Tuesday, taking their lead from overnight plunges in global equities while currency markets remain volatile as no party has won a Senate majority in Italy's elections.

* U.S. stocks on Monday suffered their biggest drop since November after a strong showing in Italian elections by groups opposed to the country's economic reforms triggered worry that Europe's debt problems could once again destabilize the global economy.

FACTORS TO WATCH

* India's 2013/14 railway budget (0630 GMT)

* Ranbaxy Laboratories Ltd Oct-Dec earnings (0730 GMT)

* RBI Deputy Governor K.C. Chakrabarty to address investors' conference (0430 GMT)

STOCKS TO WATCH

FINANCIAL/REGULATORY

* India's finance minister had a bruising battle with cabinet colleagues in the run-up to the budget he unveils this week, rebuffing demands for pre-election spending and insisting on austerity to shore up investors' faith in a troubled economy.

* The Reserve Bank of India is moving closer to requiring foreign banks to set up subsidiaries to operate in India, said two people familiar with the latest licensing conditions for foreign banks.

INFRASTRUCTURE

* Jaypee Infratech Ltd has raised 66 billion rupees in loans from IDBI Bank Ltd at reduced interest rates to repay its high-cost debt and improve profitability, a senior executive with the bank said

TELECOMS

* Sistema emerged as the only operator bidding in an auction of airwaves in

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