If you have been patiently waiting so far for the market to revive, then now is certainly not the time to sell. Despite the overwhelming sense of pessimism, most players would agree that the market is very close to bottoming out. The shrewd broking houses, in fact, have started recommending their clients to spread their purchases from current levels. Few would want to make the mistake of putting out a sell-call at such a precarious level. For once, the downside looks more restricted than the upside.Fund in a hurry
Yes, that is how one could describe the Skroedder fund, which is causing mayhem at the bourses currently. After HLL, the fund has now trained its guns on the Satyam Computer scrip. Close to two million shares of Satyam were reported to have been dumped on Tuesday with Skroedder emerging as the most prominent seller.
The same players who were lauding the company's excellent Q2 numbers just a day back, are now talking about the steep increase in Sify's losses.
Considering the present state of the market, most players would tend to look at the negative side of the story. Among local funds, the Prudent Fund continues to remain a seller at the counter, dumping another 4 lakh shares on Tuesday.
The herd mentality of institutional fund managers and the absence of a committed jockey is definitely not helping Satyam's case. Especially, since the ADS is just around the corner.
No takers
Savvy Fund Manager feels Infosys Technologies ranks among the best stocks in Asia. But his line of thinking is definitely not finding any takers.
Surprisingly, most fund managers who were predicting Rs 20,000 levels for the scrip (come rain or shine) just a few months, are not willing to touch the stock at Rs 6,900 levels.
Sell on (positive) news
This market seems to be more severe on companies which have positive announcements to make. After Infosys and Satyam, it was the turn of the HFCL scrip on Wednesday.
Despite the announcement of the company's tie-up with US-based UTS Starcom, the scrip crashed by about 10 per cent. While the exact quantum of sales could not be confirmed, the bulk of the selling is reported to have come through the participatory notes route.
Mercifully, the Jane Fund has not joined the selling spree - so far. For one, the current market price has slipped well below its acquisition price.
Even when investors the world over are ridding their portfolio of tech stocks, Jane seems willing to adopt a patient approach.
Some relief at last
Looks like the broking arm (NM) of Silent Operator has decided to take the Skroedder fund head on at the Visual Soft counter. The scrip managed to brave the storm that ripped through the tech sector on Tuesday, leaving behind a trail of battered stocks.
The spurt in prices was accompanied by volumes, indicating that buyers are slowly flocking to the counter. Whether it is a bullish outlook on the company's prospects or mere averaging of costs, nobody really knows.Giving company to NM at the counter was the Upcoming Operator, who is reputed to have a sizeable retail client base.
Santosh Nair(e-mail: santoshnair@myiris.com)
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