The Zee Telefilms show resumes: Zee Telefilms was back in the limelight on rumours that the company is considering a proposal to offer about 10-15 per cent stake to a foreign fund at Rs 1,400. While the news could not be confirmed, operators rushed to take fresh positions at the counter at Rs 900 levels. According to market sources, among other institutional players, Morgan Broking bought about 2.5 lakhshares at Rs 970 levels. In the light of this rumour, the stock shot up from the day's low of Rs 950 to be locked at 1,052.95 with a huge volume of over 16 lakh shares on both the leading bourses.

Digital re-rated again: Digital Equipment was once again re-rated by the market. The news of the company restructuring its business profile and concentrating on its niche area saw fund managers re-entering the counter at Rs 340 levels. On Wednesday, the stock was locked at Rs 352.75 levels on the local bourses. Another rumour making the rounds was that a big portion of the software order held by Compaq would subsequently come to Digital.

Rumours bring back ACC bulls: Rumours once again played a major role in influencing the direction of ACC on the bourses today. While analysts cheered the company's performance, rumours of Lafarge picking up a stake at Rs 1,950 levels also played a vital role in boosting the sentiments at this counter. While till mid-session the stock was traded at a low of Rs1,353, after the announcement of the results the stock shot up to Rs 1,407 on the NSE and Rs 1,415 on the BSE. This difference of Rs 7 between the two bourses disappeared towards the fag end of the session as a leading domestic fund sold heavily on BSE. According to market sources, Lafarge has also placed the funds with Citibank in order to buy out the stake of Shapoorji Pallonji. However, the news could not be confirmed.

Picking up the right connection: It's generally believed on Dalal Street that domestic operators follow the foot prints of FII fund managers. This is what exactly happened at the MTNL counter. While Jardine Fleming and Dredsner Kleinworth Benson were rumoured to have picked up over 12 lakh shares of MTNL on Monday, the domestic players entered today to share a piece of the pie. Reflecting the move, the stock was locked at Rs 148.75.

Oil is no longer murky: Refinery counters were in the limelight again, hitting the upper circuit. HPCL hit the upper circuit at Rs 158.5, BPCLat Rs 144.5, Cochin Refineries at Rs 120.40 and Reliance Petroleum at Rs 17.80. "The sentiment has improved for the sector in anticipation of good results which are not far off and the faint signs of recovery in the economy. These stocks have been hammered mercilessly over the last couple of months and are really trading at prices which are much below their intrinsic value. The expectations of improved results and a likely feeble improvement in the economy are seeing these stocks go up in the last few trading sessions", said a fund manager.

The aluminium edge: Indal continued to be on the buy list of big operators.``With the global prices of aluminium firming up and the local producers of aluminium already cutting the discounts to dealers, Indal is in a good position to hike the prices of its products and this is going to massively improve its bottomline. The stock had been battered down to levels of Rs 49-50 and is now recovering", said a fund manager. According to a broker, the stock is slated toride the current aluminium wave and give good appreciation.

Contributed by Nalini D' Souza and Parul Monga