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Indian share prices are likely to consolidate at the 14,000 points level as funds may continue to remain in cash ahead of share sales set to hit the markets, dealers said Friday. They said buying momentum has weakened in a volatile market, with the benchmark 30-share Sensex slipping back after coming close to record highs.
Indian shares rose marginally by the end of the week with the Sensex gaining 2.15 percent to close at 14,467.36, up 304.65 points from the previous week's close of 14,162.71.
The Sensex hit an intraday record of 14,723.88 on February 9. The markets ignored improved inflation data, which fell for the eighth straight week to 4.28 percent for the week ending June 9, from 4.80 percent the previous week.
This is in the central bank's so-called aim of 4.0-4.5 percent annual inflation for the year ended March 2008. India's biggest private sector ICICI Bank saw strong fund demand for its record 4.3 billion dollar initial share sale, which was oversubscribed over five times by Friday noon, the last day for subscription.
The previous week, real estate firm DLF raised 2.24 billion dollars through its IPO. Dealers said with no immediate buying triggers seen, the Sensex could be range-bound in coming days, until the monsoon - crucial for the huge farm sector - picks up pace and first quarter earnings data from Indian companies are announced in July.
There are another four or five initial share sales set to hit the markets in the coming weeks, which could see more demand from local funds. "The markets could remain rangebound, consolidating at the 14,000 points levels. The markets saw a short surge but failed to breach record highs," said a dealer with brokerage Prabhudas Lilladher.
"We think investors could be better off worrying less about the market's direction and more about the stocks in their portfolio," global investment bank Morgan Stanley said in a recent note to clients.

Copyright Agence France-Presse, 2007

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