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MUMBAI, Dec 25 (AFP): Indian shares are expected to cool this week as investors restrain purchases during the Christmas and New Year holiday week, dealers said.
On Friday, the Mumbai stock exchange's 30-share Sensex closed at 9,256.91, down 27.95 points from the previous week's close.
"There will be some cooling off next year considering that prices have galloped tremendously and investors pause for a while, given the Christmas and New Year holidays," said Hemen Kapadia, partner at investment advisory firm Morpheus Inc.
"The Sensex is pressured at 9,400 points level, indicating that investors are waiting for every opportunity to sell at higher levels."
Indian shares have soared since January, with the Senex 40 per cent higher on the back of strong foreign fund inflows that topped 10 billion dollars.
Analysts said despite the expected bout of selling, the undertone will remain firm.
"It will be a choppy pattern ... with some days the market rising and on some days falling," said another dealer.
Dealers said buying in sectors such as software is expected ahead of the third quarter to December earnings.
Software companies such as Infosys, Tata Consultancy, Wipro and Satyam Computer will announce their earnings from the second week of January 2006.
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