A few good results on Nasdaq was all it took for most players to realise that not everything was as bad as it seemed. Players who had reconciled themselves to a gloomy Diwali have now begun to chalk out plans to celebrate the festival of lights.

A couple of jolts and everybody could be singing a different tune again. But as the saying goes, make hay while the sun shines.

Neat gains
Among all software scrips, the NIIT continues to be the much sought after one its better than expected annual earnings numbers. And it is not the Savvy Fund Manager alone who is playing Pied piper at the counter.

The Big Boy of local mutual funds is reported to have picked up close to 50,000 shares during the week. That apart, other high fliers at the counter include the Hi-Fi(High Fidelity) Fund, the Great Masters Orchestra(GMO) fund and a relatively new FII entrant known as the DB fund. On the back of this widespread buying, the scrip has managed to vault by nearly 35 per cent from its yearly low in the last 3-4 trading sessions alone.

But just wait a minute. Widespread buying interest is no guarantee that the prices will sustain at higher levels. To cite an instance, there was widespread institutional buying interest at the Satyam Computer counter between Rs 450 to Rs 600 levels less than two months back. And one need not be reminded of the current price, even after today's 12 per cent gains.

Reverse swing
Yesterday's heroes can be today's whipping boys and the opposite also holds true. It was the tune of Satyam Computer to go in for a reversal of roles, donning the mantle of a saviour today. Close to 2 million shares are reported to have been picked up today with the Prudent Fund reported to be among the prominent buyers at the counter, accounting for nearly half a million shares.

Interestingly the same fund was reported to have been a seller at the beginning of the week. The fund is also reported to have bought into all time favourite SSI, though the exact quantity is yet to be confirmed.

Among the executors, HS Busy brokerage is reported to have picked up close to 1.2 million shares today. The bounceback is encouraging indeed, but sustaining the rise is the key.

Enter Uncle Sam
One of the surprise buyers at the Wipro counter was none other Uncle Sam, who seems to have gone into hibernation of late. Few months back, the fund had chucked the scrip from the MSCI index, citing concentrated stake holding as one of the key reasons.

Also seen with a shopping bag at the counter was the Savvy Fund who has been gradually stepping up his activities of late. Each of these players are reported to have picked up around 1.5 lakh shares between them.

Bellweather Infosys Technologies too figured among the prominent gainers, managing to avoid the embarrassment of closing below the Rs 6,000 mark. Outstanding position on the BSE has reduced by about 1.3 lakh shares, indicating good amount of genuine buying interest. Big daddy was reported to have been one of the buyers at the counter, though the exact quantum could not be confirmed.

Santosh Nair
(email:santoshnair@myiris.com)