Infy rules
After holding steady above the Rs 7,000 mark, the Infosys scrip is now on the door step of the Rs 8,000 mark. Close to 1.2 lakh shares are reported to have been picked up today with Numero Uno and Merry Lunch believed to be among the buyers. Already there is scepticism on how far beyond Rs 8,000 will the stock be able to go. But this stock seems to be an all weather holding for most fund managers. After all every rally in software stocks invariably starts from here.

Meanwhile buying interest at the SSI counter continues unabated with another 50,000 shares reported to have been picked up today. The Numero Uno brokerage is reported to have been the prominent buyer though the identity of the client is yet to be confirmed.

When the b(h)ells toll
Even as most old economy stocks paused for a breather, the Bhel scrip ensured that the infrastructure sector went unrepresented. Close to a million shares were reported to have been picked to day with the Clive Lloyd (George) fund reported to be among the most prominent buyer. This apart, close to even lakh shares of Reliance is reported to have been picked up today. The recent purchases have only help the stock steady itself than move ahead. The Savvy Fund Manager and the Jordan Flaming AMC are reported to have been spotted shopping at this counter recently. However, it could not be confirmed if these same players were the buyers today also.

Short circuit
Aggressive buying interest at frontline pharma counters Dr Reddy, Cipla and Ranbaxy has pushed all these stocks into negative territory in terms of outstanding positions.

Close to five lakh shares of Ranbaxy, around two lakh shares of Cipla and a bout a lakh shares of Dr Reddy is reported to have been picked up today by institutional players. However, we are yet to confirm the identities of the players involved. On the BSE, there is a net short position of about 80,000 shares at the Dr Reddy's counter, about 98,000 shares in case of Cipla and around 1.55 lakh in Ranbaxy.

On the face of it, these positions should fuel the rally at these counters. The only negative aspect about pharma rallies is that they fizzle out rather tamely. Lack of follow up buying interest is good enough to derail the uptrend.

Digital signals
While the Digital Equipment stocks has been going great guns at the bourses of late, the analyst meet on Tuesday has once again fallen short of expectations. Players who attended the meet did not seem too impressed with the headway being made in case of non-Compaq orders.

More than anybody, Savvy's reaction to the development will determine the fortunes of the stock to a great extent. After all, he was the one who caused havoc at the counter a year ago after a disappointing analyst meet.

Santosh Nair(email: santoshnair@myiris.com)