The focus of action has now clearly shifted to the outperformers in terms of earnings numbers. Again, it is restricted to those who have sprung a surprise rather than those who have been doing well regularly.

That is why an NIIT or Ranbaxy is finding more takers than the established performers in the tech sector.

The telecom story
Telecom may not exactly be hot in other parts of the globe, but the story is sure finding takers in the local market. The Sterlite Optical Technologies scrip witnessed frenzied buying interest for the second consecutive day after its listing.

The active buyers at the counter include the Savvy Fund Manager, ILFS Fund and the Prudent Fund. Close to six lakh shares are reported to have been picked up in the last couple of trading between these players. Now that prices are on a roll, it will not be long before we get to witness herd mentality at the counter.

No respite
The Satyam Computer scrip's woes only seem to be increasing by the day. It is a classic case of one step forward and two steps behind.

Just when the scrip was showing some signs of recovery, fresh selling has once again commenced at the counter. Close to a million shares are reported to have been dumped today. The names of the probable sellers at the counter included the United States -based Merry Lynch Asset Management, though this is yet to be confirmed. But there is no mistaking the universal apathy or even discontent towards the stock prevailing at this point in time.

Apple of savvy's eye?
The most aggressive shopper in town, Savvy Fund Manager is reported to have bought close to four lakh shares of Aptech in the last couple of trading sessions. Two of Savvy's favourites, NIIT and Digital have been having a good time ever since their impressive results.

The swift mover that Savvy always has been, he is reported to have started booking profits at the NIIT counter. That has been one of the main reasons for the weakness at the counter.

Close to about three to four lakh shares are reported to have been dumped in the last couple of trading sessions, with Savvy Fund Managrer figuring among the prominent sellers.

However, the scrip is finding takers at lower levels, as evident from the sharp bounce-back witnessed today. The identity of the buyer is yet to be confirmed.

Trivia
Stocks which continue to be in demand include Digital Equipment and HCL Technologies which those at the receiving end include HLL and GACL. Both the last mentioned stocks witnessed institutional selling to the tune of a couple of lakh shares today too.

Other blips on the screen included Hoechst Marrion Rousell, which witnessed a volume of around 1.1 lakh shares on the NSE, which is higher than average for the counter.

Those who rushed to the Silverline counter on Friday lured by the eight per cent rise on Thursday, did get their fill of shares. However the price got stuck in a very narrow range.

While rumours of an impending acquisition prevented the price from slipping, resistance at a higher level clearly indicated that some one was providing a steady supply.

Santosh Nair
(e-mail: santoshnair@myiris.com)