Closing Summary- Market Synopsis- 29 December, 2011

A late bout of selling spooked the Indian markets on the last day of the December derivative settlement. The Sensex and the Nifty moved in a range before losing control in the late afternoon trade. The late selling was perhaps triggered by traders rebalancing their F&O positions before the expiry. Also, traders might have wanted to lighten positions amid continued uncertainty about the domestic economy and impact from the worsening eurozone debt crisis. With today’s fall, the main indices have finished lower for three consecutive sessions. The undertone tomorrow will be partly dictated by the overseas markets while trading volumes are expected to moderate being the last day of the year. Meanwhile, all eyes are on today’s bond auction in Italy. Among the other important data to watch out for include German inflation (CPI), US weekly jobless claims and US pending home sales. Coming back to the Indian market, the midcap and the small-cap counters closed negative.
(Pic. Source- bseindia.com)