Bulls and bears continued to slug it out at the bourses even as nobody has a clue as to where the market is headed, even in the medium term. If Monday was the bears' day out, Tuesday was totally dominated by the bulls. Most players who were talking of the Sensex weakening further today, would have had to eat their words. But for all you know, even before they digest it, the trend may again reverse.For old times sake?
Whatever was left of the net long positions at the Ranbaxy counter on the BSE too got cleaned up on Tuesday, with a net short position of 605 shares having been created. Around three to four lakh shares were reported to have been picked up today with the Numero Uno brokerage and Say Yes If Be brokerage figuring among the prominent executors on the buying side.
Well, Uncle Sam has been a regular buyer at the counter of late. But the firm prices indicate that Sam is beginning to find company of some other players as well.
One of the earliest birds at the counter who sold the Ranbaxy story to the world too is reported to be readying for a second innings at the counter. But more on the that later.
Daddy deals
One of the most ardent followers of the SSI scrip, among institutional players, the Small Daddy too is reported to having joined the selling spree at the counter. The fund has SSI as its top holdings in two of its major equity schemes, with a 10 to 12 per cent weightage. While the exact quantum of the sales could not be confirmed, the fund has been a seller today as well on Monday.
Close to three lakh shares are reported to have been offloaded in the last two trading sessions with the Daddies, both Big and Small, accounting for a significant chunk.
Controversies have not been new to this scrip in the last couple of years. But interestingly, the scrip has managed to make a strong comeback on most occasions. Will history repeat itself?
Odd man out
The HDFC Bank figured among the handful of the stocks who found themselves at the receiving end, even in today's buoyant market. A leading US based fund is reported to have dumped about 60,000 shares today. That was good enough to keep the prices under check.
Me too
After an indifferent start, the Zee Telefilms scrip too managed to catch up with fellow techies, mainly because of the contagion effect. Net outstanding position at the counter has risen by another nine lakh shares today, taking the total tally to 75 lakh shares.
Last week, the One Man Army is reported to have offloaded close to 40 lakh shares at the counter while on Monday, the Savvy Fund Manager is reported to have dumped about seven to eight lakh shares. But any spurt in prices seems to good enough to lure unsuspecting bulls to the counter.
Trivia
Uncle Sam continues to buy into the HPCL and BPCL scrips, both which ended the day on a firm note today.
There was good amount of selling pressure at the HPCL counter till last week. But now that prices are on the upmove, the seller could have decided to wait for the time being.
Apart from the Clive Lloyd (George), some local players including Coat Hari Mutual fund, too are reported to have started purchasing shares of Bhel. Close to three lakh shares are reported to have been picked up today also.Meanwhile, net long positions at the MTNL counter on the BSE dipped by another 1.19 lakh shares to 6.24 lakh shares.
-- Santosh Nair
(email:santoshnair@myiris.com)
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