MUMBAI (Reuters) - The BSE Sensex is likely to trade sideways on Friday, tracking subdued Asian markets as investors await a speech from the U.S. Federal Reserve chairman for clues on what steps the central bank will take to support the world's largest economy.
Shares in GVK Power & Infra will be watched after the Economic Times reported that the company has reached a deal to buy two coal mines from Australia's Hancock Prospecting for $2.2 billion.
Bharti Airtel will also be watched after India's top mobile phone carrier said it signed up 1.51 million mobile subscribers in July, taking its total mobile users in the country to 170.7 million.
Ben Bernanke, scheduled to speak at 10 a.m. New York time (1400 GMT), is most likely to outline gradualist measures to help the U.S. economy, which would disappoint those looking for dramatic action, such as a fresh round of asset purchases.
At 0306 GMT, the MSCI's measure of Asian markets other than Japan was down 0.2 percent, Japan's Nikkei was lower 0.1 percent, while South Korea's Kospi was trading 0.2 percent lower.
The Nifty India stock futures in Singapore were down 0.2 percent, indicating a lower opening for the Indian markets.
The 30-share main stock index had ended down 0.85 percent, or 138.65 points at 16,146.33.
STOCKS TO WATCH
* Power Grid Corp, after a company source told Reuters the state-run utility has set the cut-off at 9.35 percent for its planned borrowing of at least 10 billion rupees.
* Amtek Auto Ltd, after the auto parts maker's board approved spending upto 2.91 billion rupees to buyback shares.
* Logistics firm Arshiya International, after a top official said it expects to spend 1.5 billion rupees to double its rail capacity to 30 rakes by the end of fiscal year ending March 2012.
* Shipping Corp of India, after a senior official said the firm will float a domestic tender for six anchor handling vessels for about $19 million each.
(Reporting by Sumeet Chatterjee & Aniruddha Basu; editing by