Indian shares likely to consolidate further

India's stock market could consolidate further, tracking global trends and the outcome of the Group of 20 summit, which is seeking to finalise a blueprint for the global economy, dealers said. During the week to September 25, the 30-share Sensex index fell 0.28 percent, or 48.3 points, to 16,693 points.
The markets were choppy toward the end of the week, falling from a near 17,000 points intra-week high on Tuesday, as investors took profit from a recent run-up in share prices with the markets at 16-month peaks.
The markets are closed Monday for a public holiday. Fund managers will eye the G20 summit to decide on medium-to-long-term investment decisions. In the near-term, investors hope for improved second-quarter earnings data from Indian companies. The earnings season kicks off with software exporting giant Infosys Technologies on October 9. "The markets have entered a consolidation phase. We expect a range-bound market in early October," said Alex Mathews, head of research at Geojit BNP Paribas Financial Services.