Even as stock values appreciate, market sources said that there was a widespread apprehension in the market (especially among mutual funds) that the broader market would be unable to sustain the rally and ultimately crash taking the narrower segment with it. Analysts said that while the players in the market knew the pitfalls of giving an artificial leg-up to the market, still they are determined to make the most of the opportunity in a bid to report respectable net asset values for their schemes.

Himachal play resumes
The Himachal Futuristic counter saw some good volumes today - 92 lakhs on NSE and 52 lakhs on the BSE. Though the scrip price went down at the end of the session, dealers said that the share prices had been up during most of the day.

The scrip has been very volatile for some time now. There are unconfirmed rumours that the next round of private placement by the telecom company where it is scheduled to raise Rs 2,200 crore would be priced between Rs 1,800 to Rs 1,900. In the first round, the company had raised Rs 900 crore at a price of Rs 1,050 per share.

UTI's invisible hand
WHAT exactly is UTI's role in a month when it has to declare income distribution under its various schemes? Opinion is divided. One section believes that UTI's compulsion for selling to raise money for annual distribution is now over as the payout day for the next BSE settlement commencing next Monday is on July 1, which does not serve its purpose.Another section maintains that UTI had no compulsion to raise cash because it is sitting on a pile of cash raised from a variety of sources - sale of units and income from its investments in debt and equity. Its outgo on dividend is unlikely to exceed Rs 3,000 crore and the trust's income from interest and dividend alone would be sufficient to meet its commitments in June.