Even after all the hammering that tech stocks have been subjected to, all these days, they are the hottest draws in a rising market. After a long time, the techies almost tipped the upper end of the circuit levels on Friday. But one thing is for sure-there are is unlikely to be any repeat shows the very next day. Yes, stocks could continue to move up, but at a gradual pace. After all, 8-10 per cent rise in an uncertain market is a definite signal to book profits.Satyamev Jayate?
Fund managers just cannot keep away from stocks that are on the move. So the ongoing stampede at the Satyam Computer counter should come as no surprise.
On Thursday, close to 2.4 million shares were reported to have been picked up at the counter, with the Dutch brokerage accounting for nearly 1.5 million shares. Other prominent buyers included Uncle Jam and Numero Uno brokerage. On Friday also a little over a million shares were reported to have been picked with a slew of fund managers seen queuing up at the counter. After the announcement of better than expected Q3 numbers, attention has shifted from the mounting losses in Sify's balance sheet to the impending ADR by Satyam Computer. More importantly, the stock has managed to break past the Rs 400 mark, something that the stock has been struggling to cross after the hammering received at the hands of the Merreel and Skroedders Fund about three months back.
Digital signals
The Savvy Fund Manager and Coat Hari Mutual Fund can now expect company at the Digital Equipments counter, following excellent third quarter numbers.
Close to 6-7 lakh shares are reported to have been picked up on Friday with Uncle Sam tipped as one of the latest entrants at the counter.
His apart, Big Boy too is reported to have picked up a decent chunk of shares. There were mounting fears about the company's over dependence on Compaq for orders. The latest numbers should have dispelled the myths to a large extent.
When the Bhel tolls
Even as the Life Boat Fund and Big Daddy are regularly pressing sales at the Bhel counter, there is no dearth of buyers. Close to a million shares were reported to have been picked up on Friday. Among foreign funds, Bihari (Patnam) is reported to be the buyer while among locals, Prudent Fund and Small Daddy are reported to be digging into the stock.
Institutional buying interest continued unabated at the L&T counter, which has been the top pick among cement stocks so far. On Thursday, close to 26 lakh shares are reported to have been picked. The Abu Dubai Fund is also reported to be one of the key buyers among a host of others.
Also on the buy list of institutional players on Friday were NIIT and SSI, with Numero Uno reported to be the buyer at the SSI counter. Close to 2 lakh shares of NIIT are reported to have been picked up besides an unconfirmed quantity of HCL Technology, though the identities of the players are yet to be confirmed.
Santosh Nairemail:santoshnair@myiris.com
Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
