Confusion reigned supreme as the market seemed to be giving conflicting signals every other day. The only saving grace was the positive FII inflows on Friday. However, even a slowdown in the buying interest is good enough to trigger off a steep fall in the scrip prices. There is no mistaking of the shaky undertone at this point in time.Digital signals
The Digital Equipment scrip managed to spring a nasty surprise for those who had gone short, by coming out with better than expected second quarter numbers. This apart, genuine buying interest further added fuel to the fire, causing prices to flare up further. Close to three lakh shares were reported to have been picked up by three different players. Needless to say, the Savvy Fund Manager was one of them, though the exact quantum of purchases could not be confirmed.
This apart, Savvy was also reported to be one of the most aggressive sellers at the ICICI Bank counter on Monday. Close to 1.5 lakh shares were reported to have been dumped today with Savvy accounting for a good chunk of them.Whip-row
Buying interest at the Wipro counter early on in the day was not good enough to sustain prices. Close to 60,000 shares are reported to have been picked up between two funds with Green Fall fund reported to be one of the buyers. The identity of the selers could not be confirmed.
bPrized deals
Just as the Skroedder Fund seems to be slowing down its sales, the T No Prize has snatched the baton and is smashing some of the scrips on the way to the finishing line. Global Telesystems and HFCL were the latest victims today. The fund is reported to have dumped close to 2-3 lakh shares of each scrip sending prices into a tailspin. On any other day, the One Man Army would have polished off this quantity like a starter dish. But for all his courage, One Man also believes in the saying `discretion is the better part of valour.' Lack of any kind of buying support was the key reason for the sharp fall at both these counter.
After a brief respite, Satyam Computer is once again under attack from both local as well as foreign fund managers. While the exact quantum of shares could not be confirmed, Singapoori Sarkar did figure among the sellers.
Odd man out
One of the surprising outperformers of the day was Zee Telefilms, which managed to hold steady even in the absence of any aggressive buying interest.Outstanding positions on the BSE in fact has gone up today. This, even as players are expecting Sawaal Dus Crore Ka to boost the sagging fortunes of the company.
Change of heart?
Infosys Technologies is one scrip where the Singapoori Sarkar has been getting his timing right consistently-at least over the last three to four months. Perhaps that is why it may have decided to try its luck at the counter one more time. The fund is reported to have picked up close to three lakh shares on Friday, which accounted for bulk of the positive FII inflows.However the purchases were not good enough to sustain the prices at higher levels today. However, the institutional selling at the counter could not be confirmed. Apart from Infosys, warehoused deals at the Satyam Computer and NIIT counters, around 1.5 lakh shares each of Polaris and Hughes Software made up for the rest.
Santosh Nair
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.