Institutional buying and selling figures would make little sense. After all, the net effect was the same. In a show of solidarity, old economy stocks joined hands with their new economy counterparts on their way down. It was as if all the bad news had descended on Dalal Street at the same time. The hue and cry raised by the opposition parties over the Balco deal is indeed forcing fund managers to think twice before parting with funds. Rumours that some Calcutta-based brokers being in trouble were doing rounds throughout the day which had its effects on the prices of the, by now, erstwhile market favourites. And as if this was not enough, there was a technical snag on the NSE 15 minutes before the stipulated closing time.Up in smoke
Numero Uno's purchases of close to 300,000 shares of ITC on Thursday was negated on Friday by the more cautious fund managers. Of course, ITC is a good bargain at current levels, but certainly not on the eve of the budget. After all, finance ministers in the past have rarely had a kind word for the tobacco sector in the Budget. While the scrip was less affected as compared to others, clearly sellers held the upper hand on Friday even as bargain hunters and profit takers fought a closely contested battle.
Meanwhile Numero Uno's buy call on National Aluminium seems to be finding takers, as the stock held firm in a turbulent market. It could not be confirmed if there was any institutional activity at the counter. But bulls at the counter are chanting the slogan, `after Balco, it is Nalco.'
Savvy's tantrums
If Savvy is displeased with any management moves perceived as anti-shareholder, he ensures that the board gets the message instantly. A couple of years back, he raised the roof at the Digital Equipments counter after the management scaled down its projections after promising the moon. This week, Aptech seems to be his target after the company decided to demerge its training and software business. Savvy's action seems to indicate that he is not one bit convinced that the merger of Aptech's demerged software division with an unlisted company is in favour of Aptech shareholders. He is reported to have dumped over 16 lakh shares over the last couple of trading sessions. And the total institutional sales at the counter over the last four sessions are much higher. And giving Savvy company in the selling spree is the Prudent Fund and to some extent Uncle Sam too. The quantum of their sales however is yet to be confirmed, although it appears to be very clear that institutional players at the counter want to clearlyexpress their disgust.
Trivia
Stray buying interest at the HLL counter prevented further damage to the Sensex. There is believed to have been institutional selling at the SSi and NIIT counters while bargain hunters continued to flock to the Cadbury counter. T-No-Prize, one of the prominent portfolio investors at the Global Telesystems counters is reported to have commenced sales at the counters. A couple of months back, the fund has sparked off a stampede at the counter through its aggressive sales. HS Busy Securities is reported to have picked up close to 5.3 million shares of Zee in the last two trading sessions, but it seems to have run into twice the number of sellers at the counter.
Santosh Nair
santoshnair@myiris.com
Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
