Markets are likely to remain cautious ahead the RBI’s third quarter monetary policy review today. The early indicator, SGX Nifty was down 31 points at 6,118 at 0823 hrs.

Benchmark share indices recorded their highest percentage fall yesterday since September 3, 2013, amid a sell-off in emerging markets, with rate sensitive shares leading the decline.

U.S. stocks extended recent losses on Monday, with the S&P 500 falling for a third straight session as concern grew about the Federal Reserve’s plans for withdrawing stimulus.

The losses, which picked up late in the session after the S&P 500 briefly traded in positive territory, followed a steep selloff late last week tied to emerging market concerns. The slide gave the S&P 500 its worst weekly percentage loss since June 2012.

Asian shares were pinned near five-month lows on Tuesday as turmoil in emerging markets and concerns about an economic slowdown in China took their toll.

Disappointing guidance from Apple Inc AAPl.O also looks set to hit regional technology stocks.

The world’s most valuable technology firm missed Wall Street’s target for iPhone sales over the crucial holiday shopping season and offering a weaker-than-expected forecast for this quarter, sending its shares down more than 8 percent after the bell.

Japanese shares look set to extend losses further from a 2 1/2-month low hit on Monday.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.2 percent to a five-month low, extending a 3.8 percent loss in the past three days.

Stocks to Watch

Ipca Labs, Jindal Steel, JSW Steel, Jyothy Lab, Maruti Suzuki, NTPC, Pidilite Inds and Sesa Sterlite will unveil their third quarter earnings today.

Rate-sensitive sectors will be in focus ahead of RBI’s Monetary Policy.

Ahmedabad-based pharmaceutical major Cadila Healthcare (Zydus Cadila) has decided to exit from its business in Japan.

JSW Steel has increased prices by up to Rs 1,200 per tonne, or up to 2%, across the board for February, its second hike in a month.

Tata Consultancy Service (TCS) has been chosen for a major e-governance project of the Odisha government, which includes creation of a service delivery gateway and maintenance of state website to offer public services.

NTPC has tied up $ 430 million (nearly Rs 2,700 crore) funding from Japan Bank for International Co-operation (JBIC) for two projects.