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Indian shares may trend lower in thin trading this week as cautious investors, unnerved by the recent sharp fall, await large public issues that are slated to hit the market shortly, analysts said.
After gaining nearly six percent to a month's high of 6,035.80 points on Tuesday, the key index plummeted nearly three percent on Thursday, spooking investors already on edge over upcoming issues and the general elections.
The index ended the week down 2.7 percent.
"The market sentiment will remain subdued, with the index drifting down, as retail investors stay away," said Ambareesh Baliga, a vice president at Karvy Stock Brooking.
While no new policy announcements are expected, a fix on general elections, expected in April-May, could inject some confidence in investors, analysts said. But the market may slip by up to 200 points before it stages a recovery.
"There is some uncertainty leading up to the public issues on their pricing, and whether the prices will hold at these levels," said Sashi Krishnan, chief investment officer of Cholamandalam Mutual Fund.
"As we get closer to the issues, there will be greater clarity and more buyers will step in from the sidelines," he added.
The Indian government is selling stakes worth up to 32 billion rupees ($700 million) this week in as many as five firms - gas firm GAIL India Ltd, Dredging Corporation of India Ltd, products retailer IBP, computer maintenance firm CMC Ltd and Bank of Maharashtra.
These are a prelude to India's largest-ever stake sale in Oil and Natural Gas Corporation Ltd that is expected to raise more than $2 billion.
Later in the month, energy firm Petronet LNG and state-owned Power Trading Corporation may also launch initial public offerings.

Copyright Reuters, 2004

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