MUMBAI, May 19: It was a day of selective buying on the stock markets. Though FIIs pressed ahead with their sales in heavy weight counters, domestic institutions and operators absorbed them. The BSE-30 index was almost stagnant, registering a net gain of 15.94 points at 3,924.42 points.However, the buying spree at the non-specified section has taken market analysts by surprise. While Pentafour Software, Zee Telefilm, Indal and HDFC will enter the no-delivery phase on the National Stock Exchange from May 20, buying at these counters has been described as delivery based purchases by local institutions and select FIIs.
DLF Cement up 10%: The buying at select cement industry counters has been attributed to rumours about the budgetary sops for infrastructure sectors and also identification of targets for takeovers. DLF Cement jumped by 10 per cent on the local bourses, and was locked at Rs 10.60 on the NSE. Similarly, Priyadarshini Cement also hogged the limelight with continuous bouts of purchases pouring ineven at the highest bid for the day. The stock was locked at Rs 31.25.
No let-up in software chase: The software industry counters continued to attract buy orders. While the specified group representatives like Infosys and Satyam recorded marginal gains, Pentafour Software jumped by 8 per cent to close at Rs 904.15. The stock was traded in the band of Rs 838 and Rs 922 the intra-day's low and high respectively. Silverline Industries appreciated by 10.04 per cent on the NSE to close at Rs 86.60 where a circuit filter was slapped on the counter to curb further price appreciation.
Rumours of a sharp rise in the net profits of CMC, attracted Calcutta line operators at this counter, with the stock appreciating by over 4 per cent to close at Rs 231, with a meagre volume of 27,800 shares. According to market participants, the absence of liquidity at the software counters has been the prominent reason for the sharp and consistent price rise.
The textile industry counters also recorded a surprise jump of over5-7 per cent, with Arvind Mills recording a jump of 7.8 per cent to close at Rs 67.05, Grasim appreciating by 2.36 per cent, while AP Rayon on the back of rumours of improved performance, spurted by 10 per cent to close at Rs 43.80 the upper end of the price band.
Among the pharma counters, Sun Pharma jumped by 10 per cent to close at Rs 322.60. Punjab Chemicals was locked at Rs 266 on the NSE.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
