For instance, Infosys Technologies showed a steady trend while Satyam was under pressure. Similarly, among pharma stocks, Cipla was the only prominent gainer on Tuesday. Second-line bank stocks which witnessed a flurry of activity on Monday were clearly out of demand.

Heavy metal?
With Cap-It-All's selling fury at the Hindalco counter having abated, other players are beginning to take a fresh look at the stock.

On Monday, the Savvy Fund Manager is reported to have picked up between 50,000-100,000 lakh. One of the recent buyers at the counter was HDFC Mutual Fund, which had accumulated a decent quantity of shares at around Rs 780 levels. On Tuesday also, the scrip showed a firm undertone in a sluggish market, clearly indicating follow-up buying interest. The action at the counter is usually courtesy institutional interest, as the stock does not command a big follo-wing among speculative elements.

Toast of Dalal Street
A sudden spurt of buying interest at the Reliance counter helped improve overall sentiment to some extent. A contract for the purchase of close to 43 lakh shares is reported to have been issued on the day by the Numero Uno brokerage. In all likelihood, the quantity is said to have been warehoused over the past few trading sessions. Savvy Fund Manager, one of the regular buyers over the last few days, too, has reportedly made some purchases in the dying moments of the day's trading session.

The movement at the counter seems to give an indication that the story is not yet over, as most players were expecting. Getting calls right in the short term at this counter may not be the easiest of tasks. In a sluggish market, the stock refuses to budge.

In a slightly bullish market, the uptrend is very gradual. Patience, more than anything else, seems to be the key to success at the counter.

Trivia
Uncle Sam is reported to be a regular buyer at the Wipro counter, which has been a relative outperformer among software stocks over the past few days.

On Monday, the fund is said to have picked up close to 50,000 shares while on Tuesday also a similar quantity was reported to have been mopped up.

Meanwhile, the fund is reported to be a seller at the Telco counter, having dumped around a million shares on Monday. The Picket Fund's purchases at the Bank of Baroda counter over the last couple of trading sessions could not help the scrip from heading the list of losers on the day. Looks as if sellers still hold the upper hand. On Tuesday, Small Daddy was reported to have picked up close to 1.5 lakh shares of SSI. The Great Masters Orchestra Fund (GMO) and Picket Fund are still said to be regular buyers at the L&T counter, where a total of six lakh shares were picked up on Monday.

Santosh Nairsantoshnair@myiris.com