Only a handful of stocks have benefited from this rally even as the overall outstanding position in the market has definitely reduced. As expected, most of the players have made use of this relief rally to reduce or exit their positions. Having been caught on the wrong foot too often in the recent past, nobody seems to be willing to take a chance. Live to fight some other day, that seems to be the motto for now.

Still ringing
Last minute purchases at the MTNL counter checked a further slide in the Sensex on Friday. Close to a million shares are reported to have been picked up with the Co-Tech brokerage reported to have been among the prominent buyers. With this purchase, close to 3.5 million shares are reported to have been picked up during this week.

As we have been mentioning earlier, most of the purchases are being made through the participatory note route. So far, none of the committed funds seem willing to stick their neck out at this counter.

This is probably the only frontline stock which has appreciated by over 50 per cent in less than two months time.

B(h)el weather stock
This is another of the golden oldies which have been in demand over the past few trading sessions. Today also, close to a million shares are reported to have been picked up which takes the tally to about three million shares in the last three trading sessions. Apart from the Clive (Lloyd) George Fund, some UK based funds too are reported to be showing interest at the counter.

Back to square one?
No amount of purchases seem good enough to hold up the Satyam Computer stock. Close to a million shares were reported to have been dumped today, though the identity of the player is yet to be confirmed.

The Jordan Flaming AMC is reported to have been among the prominent buyers at the Reliance counter over the last couple of trading sessions, accounting for bulk of the five million shares that were picked up. But even this quantum of purchases was not good enough to check the slide at the counter today.

On the way out?
The disappointing analyst meet of Digital Equipment is slowly beginning to have its repercussions. One of the most loyal followers of the stock, the Savvy Fund Manager is reported to have dumped close to 1.5 lakh shares today. Interestingly, the fund was a buyer at the counter both before and after the announcement of the latest quarterly numbers. Perhaps, Savvy could be booking his profits rather than expressing his displeasure.

Big ticket deal
The biggest deal of the day was undoubtedly the one witnessed at the HDFC Bank counter today. A single block of 39 lakh shares changed hands at the counter.

Chase Bank, which holds a significant stake in the company is reported to have been the seller. The chunk was picked up between the Standard Life fund, Uncle Sam, Clive Lloyd(George) fund and the Singapoori Sarkar.

Dutch view
Just as some buyers were beginning to evince interest at the SSI counter, the Dutch Brokerage too has joined the bandwagon of critics of the stock.

A latest report of the brokerage has expressed doubts over some of the numbers put forward by the management. Not surprisingly, it has come out with a sell call on the stock.

Santosh Nair (email:santoshnair@myiris.com)