On the negotiated segment of the BSE huge cross deals were registered at the counters of MTNL, Hero Honda, Dabur, Sail, Salora International and Tamil Nadu Newsprint. The MTNL counter registered a cross deal of 15,000 shares reported by CSFB at Rs 161.55. A cross deal of 14,000 shares in BOI Double Square 90B was reported on the BSE at a price of Rs 307.

WI Carr was rumoured to have placed an order to buy 5 lakh shares of SatyamComputers. The Canbank off shore fund is rumoured to have bought 5 lakh shares of SBI. The Warburg Pictic fund is rumoured to have bought 50,000 shares each of HPCL and BPCL. Allianze Capital, Schroders and Capital International are rumoured to have been continuinally acquiring Digital Equipment.

Renewed interest in pharma

Pharmaceutical stocks, which had seen the maximum correction, over the last few trading sessions is witnessing renewed interest as foreign funds are rumoured to be making purchases at current levels.

Fresh buying in Wockhardt, Smithkline Pharma, Pfizer, Rhone Poulenc, Nicholas Piramal and German Remedies recovered today after a weak opening.

"Among other developments for the pharma sector, the exclusive marketing rights (EMRs) cannot bring dramatic results in a short span of time and the investors have to realise this", said a BSE broker.

UTI takes it easy

The big daddy of the industry is learnt to have cooled its heels on the PSU stocks. Its participation wassaid to be subdued.

``The reason is that with the government giving the bail out package as desired by UTI the big daddy has stopped selling these stocks. This has also led to a spurt in the prices of all these commodity stocks like HPCL, BPCL and others", said a fund manager.

Negotiated deals in Tata stocks

Tata group stocks were back in limelight with huge institutional volumes reported at the counters of Tata Chemicals, Telco and Tata Investments.

Tata Chemicals registered a negotiated deal of 50,000 shares, the buyer was Khandwala Securities.

Tata Investments again registered a cross deal of 1 lakh shares at Rs 110. It may be recalled that during the week ended April 24 the counter witnessed about 3 deals of 1 lakh shares each.

Similarly, Telco also registered a deal of 50,000 shares at Rs 143. According to market sources, the deal was reported on behalf of UTI.

Zee may take a break

While Zee Telefilms has finally touched the much awaited Rs 1400 levels on the back ofrumours that the company is likely to place a huge chunk with an FII at these levels, the market now awaits a correction.

According to market sources, the surge in prices has been purely on account of the huge backwardation attracted by the stock. Market was agog with rumours that investors have still not received the dematerialised shares leading to lack of liquidity at the counter which reflected on the prices. The increasing backwardation at the counter also led to a huge difference in the closing price of the stock between BSE and NSE. On the NSE the stock closed at circuit level of Rs 1,432.65 while on the BSE the stock closed at Rs 1,413.40.

Contributed by Nalini D'Souza and Parul Monga