Sensex lower ahead of Fed meet

MUMBAI (Reuters) - The BSE Sensex and Nifty fell for a second consecutive session on Tuesday as companies posting disappointing earnings such as Lupin fell, while sentiment remained cautious ahead of the U.S. Federal Reserve's two-day policy meet later in the day.

Investors will be looking for further clues as to the timing of any U.S. rate hike, which they expect could happen as early as December.

At home, earnings and the expiry of monthly derivative contracts on Thursday were adding to the caution in markets.

"(Earnings) numbers, FOMC meeting, world market cues and (derivatives) expiry are the factors weighing on the market," said Alex Mathews, head of research at Geojit BNP Paribas.

The Sensex and the broader Nifty fell 0.4 percent each, heading for a second consecutive session of falls.

Lupin slumped 5.6 after reporting second-quarter net profit much below market estimates, due to lower revenue from the United States, its largest market.

Meanwhile, Housing Development Finance Corp fell 2.9 percent, adding to its 1.9 percent loss on Monday after its July-September results fell short of expectations.

Axis Bank reversed losses and was trading up 1.3 percent after reporting a 19 percent increase in second-quarter profit, in line with estimates, while its bad loans remained stable.

Maruti Suzuki up 1.9 percent after the carmaker said quarterly net profit rose about 42 percent from a year earlier.

(Reporting by Karen Rebelo in Mumbai; Editing by Gopakumar Warrier)