 "Shares choppy ahead of expiry; Sensex ends down marginally")
The Indian stock remained choppy today and ended marginally negative weighed down by volatility ahead of derivatives expiry later this week.
A lack of strong global triggers ahead of the Christmas holidays also added to the lacklustre trade in the markets.
The CNX Nifty ended 0.26 percent down at 6,268.40 and the P BSE Sensex 0.32% at 21,032.71.
[caption id=“attachment_1272629” align=“alignleft” width=“380”]  Reuters[/caption]
Manishi Raychaudhuri, MD, Asian Equity Strategist, HOR, BNP Paribas Securities, is of the view that the festival cheer in the market will continue for some more time. However, he told the CNBC-TV18 that investors should watch out for corporate earnings and the RBI’s rate action in January.
“Earnings estimates in general would take a bit of downtick during this period. I would think that we are not yet out of the inflation cloud yet so it is possible despite what Governor Rajan said yesterday, I would think it is quite possible that we may have another one or two rounds of interest rate increase. The consolidation phase that the market has set into may continue for some more time,” he said.
Sesa Sterlite shares declined after the media reports that Central Bureau of Investigation has started a probe into possible irregularities in the disinvestment of Hindustan Zinc Ltd. Hindustan Zinc also closed down 2.33 percent reacting to the news.
Apollo Tyres was one of the biggest gainers of the day, closing up 7.87 percent at Rs 100.80. Investors were relieved that the company will drop its $2.5 billion deal to buy US-based Cooper Tire & Rubber Company.
GMR stocks closed up 1.05 percent at Rs 24.10 after news broke that the company sold its 40 percent stake in the Istanbul airport to Malaysian airport for 225 million (Rs 1,900 crore).The stake sale will help the company to reduce its huge debt which has grown to Rs 40,000 crore.
With inputs from Reuters
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