No news can certainly be good news at times - as is the case with Dalal Street currently. All these days players were praying for some kind of a positive development that could provide the trigger for fresh purchases. But in the present atmosphere, players would be more than happy if the media shifts its focus away from the stockmarket.Visual goes soft
The Visual Soft stock continued to take a pounding for the third consecutive trading session on Monday. However, the counter witnessed good volumes at lower levels with a little over 4 lakh shares changing hands on both exchanges combined. The large volumes today clearly points to institutional activity, especially as the scrip falls in the rolling settlement category. The Numero Uno brokerage, one of the key buyers at the counter over the last few days, was not heard making any purchases today. And Big Boy, among the most prominent holders of the scrip, is reported to have taken a neutral stance. This indicates that e-NAME Securities, one of the earliest proponents of the stock could have been a buyer at the counter on Monday. This apart, a lot of high networth individuals too would have added some more shares to their portfolio in a bid to average their acquisition cost. Uncle Sam was widely tipped as one of the prominent sellers.
NIIT holds
Good volumes continued to be witnessed at the NIIT counter on today, with about 50,000 shares reported to have been picked up today also. Last week, Cop Tail Fund and Merreel Fund are reported to have made a good amount of purchases at the counter. The trend seems to indicate some kind of follow up purchases, as volumes at the counter on Friday were also on the higher side. The identity of today's buyer is yet to be confirmed. Meanwhile, the ICICI Bank continued to show a firm trend today, after the successful placement of 3.6 lakh shares of the company with foreign funds by the parent company ICICI. There was fair bit of buying interest today also though the exact quantum is yet to be confirmed. The Joradn Flaming AMC and Stitcher Fund are reported to be the latest fans of the scrip. Meanwhile Jordan AMC continues to accumulate Moser Baer at regular intervals while Savvy does the same at the Godrej Soaps counter.
Trivia
Among the prominent deals today, the Merry Lunch brokerage is reported to have been a buyer at the satyam Computer counter to the tune of nearly 2 lakh shares. Under normal circumstances, a buy order to this extent would have passed off unnoticed. But in times of low liquidity even the smallest of orders seem to have a multiplier effect.
Santosh Nair
santoshnair@myiris.com
Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
