A 170 point surge on the Nasdaq failed to impress local bulloperators who pared their positions at higher levels. Why?- Because the Nasdaq moved up by 170 points in sympathy with the Sensex. Maybe a far fetched theory, but Indian investors will never want to believe that they could influence overseas investors.

Old faithfuls
After having kept a low profile for some time, Uncle Sam now looks be on an aggressive shopping binge. But rather than churning its portfolio rapidly, the fund seems quite content buying into its old time favourites.

After having bought into ITC and Ranbaxy, Sam has now shifted focus onto L&T. Close to one million shares are reported to have been picked up today, with Uncle tipped as one of the most prominent buyers.

The stock is quoting at reasonable valuations, and things could not get any worse. Plus there is also the cement business demerger in the offing apart from persistent rumours of a "friendly" takeover play.

On the move
Clsoe to two lakh shares of Ranbaxy is reported to have been picked up today also, in addition to the three lakh shares on Tuesday. The net short position at the counter has now risen to about 50,000 shares. The Cipla scrip too held steady above the Rs 1,000 mark on the back of Kind Word Benson's purchases of about 1.5 lakh shares on Tuesday.

Wednesday's price movement indicates that profit taking is beginning to set in.

Hangover effect?
The sales pressed at the Satyam Computer and ZeeTelefilms counters on Tuesday were felt on Wednesday, While Satyam just about managed to hold steady, ZeeTelefilms slipped into the negative zone.

Amidst the frenzy on Tuesday, the Savvy Fund Manager is reported to have quietly palmed off 14 lakh shares of Zee Telefilms.

Ironically, the fund manager who prided himself on havign identified the scrip now seems to be in a hurry to wash his hands off the stock.

On Tuesday, close to 8 lakh shares of Satyam were reported to have been offloaded, with Co-Tech securities accounting for half the quantity. Local mutual funds were reported to have been among the prominent sellers. But with market makers at the counter in a good mood, the sales have been absorbed smoothly....for now.

Trivia
Among notable purchases today, the Stitcher fund is reported to have picked up close to a lakh shares of ICICI Bank. The stock is now quoting almost at part with its ADR which has been showing a steady trend of late. However, more than anything, the fortunes of the American depository receipt (ADR) will play a crucial role in determining the trend at this counter.

This apart, the Jardine Fleming brokerage is reported to have been a seller at the HDFC counter on Wednesday. The Essel Packaging scrip closed on a weak note despite the announcement of the acquisition of Swiss packaging company Propack. The Cap It All fund is reported to have booked profits at the counter on Tuesday.

Santosh Nair(email:santoshnair@myiris.com)