It has been a flying start to the year, as FII inflows so far has exceeded even the most optimistic projections. Of course, now that everybody is beginning to sit up and take notice, there is likely to be some slowdown in the purchase activity. Hopefully, local punters should be able to take over the baton from fund managers and sustain the market till the time FIIs come in for the next round of purchases. Back in demand
Now that the sentiment at the Zee Telefilms counter has taken a turn for the better, it will not be long before research analysts start looking for hidden positives. Close to about 1.2 million shares are reported to have been picked up on Tuesday with Mr Solo Smith being among the prominent executors. Among fund managers, Savvy Fund Manager too is reported to have been among the buyers.
Just two weeks, most players were unanimous in their view that there was not one good reason to buy into the stock. Now that prices are on the move, the script will have to be rewritten.
Tug of war
The tug of war at the Satyam Computer continues even as the sentiment for the stock has undergone a significant change after the announcement of Q3 numbers. On Monday, the Dutch brokerage is reported to have picked up about 8-10 lakh shares in the dying moments of the trading session. However, Cross Bee is reported to have dumped close to a million shares while Say Yes If Be is reported to have offloaded close to 3 lakh shares, wiping off Monday's gains. The Picket Fund is reported to have been the buyer on Monday while the identity of the funds on Tuesday is yet to be confirmed.
Still in top gear
Fund managers who steered clear of the Bajaj Auto stock suddenly seemed to be chasing the stock. That too after a disastrous third quarter performance. Apart from dedicated funds, even hedge funds are reported to have started buying into the stock. Mr Solo Smith is reported to have been one of the buyers on Tuesday even though the exact quantum of purchases is yet to be confirmed. Among local funds, Small Daddy too is reported to have taken up a small exposure to the stock.
Trivia
Uncle Sam seems to be really delighted by the overwhelming response that SBI has received for its VRS. That could be one reason why he has been buying into the stock regularly. Close to 4 lakh shares were reported to have been picked up on Monday and almost a similar quantity on Tuesday also, with Sam reported to be among the prominent buyers. On the other hand, Uncle Jam is reported to be regularly buying into Reliance Industries as well as Reliance Petro. Local hotshots Big Boy and Prudent Fund are reported to be accumulating SSI. Talks of MTNL's ADR listing on January 26 seems to be the latest lure at the counter which has staged a good comeback over the last few days. The argument is that since the VSNL ADR listing took place on the Independence Day last year, it could be the Republic Day for MTNL.
Santosh Nairsantoshnair@myiris.com
Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
