It may be recalled that UTI was rumoured to have sold heavily from Rs 185 levels, reducing their exposure at the counter to below 13 per cent. Although UTI officials remained tight lipped, market was agog with rumours that UTI has also sold heavily at the counters of Tisco and Telco.

Another counter where UTI was rumoured to have played an active role in infleuncing the price pattern was Carborandum. The stock moved up by 2.7 per cent on the BSE on Monday, amidst strong volumes of 94,700 shares. The stock moved out of the no-delivery phase on the BSE on Monday. "The positions built during the no-delivery phase got settled today which was an important reason for the stock to move against the tide," explained a veteran BSE broker. Other stocks that moved against the tide in terms of price appreciation were Bharat Bijlee, Balaji Distilleries, Coromandel, Kinetic Eng, Krone Comm, Porretts & Spencer, Colgate and McDowell. While most of these non-specified group stocks were locked on the upper side of the price filter on the BSE, Colgate registered a recovery of 0.3 per cent to close at Rs 172.50. According to market sources, the recovery was also on account of the backwardation charges factored into the counter.

On Saturday the stock attracted a backwardation charge of Rs 0.66 on the BSE. Interestingly, among the PSUs, MTNL also registered an intra-day gain of over 2 per cent to trade at Rs 143.10. This, according to brokers, was purely on account of huge chunks being picked up by Capital International. However the stock closed with a net loss of 3 per cent at Rs 137.70.