BANGALORE (Reuters) - Indian shares pared losses to less than 2 percent on Thursday afternoon after falling more than 7 percent early, as European markets came off lows and U.S. stock futures that indicated a higher opening on Wall Street.

By 2:07 p.m., the main 30-share BSE index was down 1.66 percent, or 179.20 points, at 10,629.92, after having tumbled as much as 7.3 percent to its lowest since July 2006. Sixteen components were down.

"There is still ample downside left in the Indian market and investors should trade cautiously even if there is a pullback," said V.K. Sharma, head of research at Anagram Stock Broking.

European stocks were down 2.4 percent, after having fallen as much as 5.6 percent earlier.

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