Updated on Monday, November 05, 2007, 00:00 IST

Shares may weaken on Monday, trailing a fall in other Asian markets on persistent credit worries and as investors look for new triggers in a market that rose nearly 15 % last month.

"The market should consolidate at these levels after the recent sharp rally," said independent consultant S.P. Tulsian. "Now that there are no events, I would expect it to remain a bit soft."

Tulsian said the traders would also wait to see if the Union government raises fuel prices or cuts duties this week in a bid to ease the pain of state oil firms hit by the surge in global crude prices.

On Friday, the main 30-share BSE index ended up 1.28% at 19,976.23. The index, which touched a record of 20,238.16 on Oct. 30, rose 3.8% on the week.

The benchmark has hit a series of record highs powered by foreign funds. Foreigners have put more than USD 17 billion net in Indian shares this year, well above a full-year record of USD 10.7 billion in 2005.

The 50-share NSE index rose 1.12 % on Friday to a record close of 5,932.40. The Nifty November futures ended with a premium of 23.3 points to the spot index, compared with a discount of 33 points on Thursday.

Elsewhere in Asia, Tokyo's Nikkei average was down 1.5% and Seoul was off 1% .

Stocks to Watch

Drug maker Cipla Ltd, after it received tentative approval from the US Food and Drug Administration for cetirizine hydrochloride tablets.

Hindustan Zinc Ltd, after it cut the zinc price by 2.9 percent with immediate effect. For details, double-click on.

Sugar companies like Bajaj Hindusthan Ltd and Balrampur Chini Mills Ltd after the total amount of free sale sugar to be sold by the millers in India was increased by 91,808.5 tonnes.

Adhesive maker Pidilite Industries Ltd, after it said it planned to set up a manufacturing unit in Gujarat.

Bureau Report