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)
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