Block deals make a comeback on SEs

Our Markets Bureau

Mumbai, July 17: Block deals in the stock market seem to be coming back with a number of leading stocks — Hindustan Lever, Bhel, NIIT, Nestle, HCL Tech — witnessing such deals on Tuesday.

Market sources said that these deals were done between leading institutions including Unit Trust of India (UTI). Other institutions being talked in the market are — Morgan Stanley, Life Insurance Corporation and General Insurance Corporation. Interestingly these deals were witnessed both in the new and old economy counters.

Among the leading stocks, HLL had deal of around 80,000 shares, Bhel (1.25 lakh shares), Nestle (1 lakh shares), Punjab Tractors (2.25 lakh shares). Similar negotiated deals were also witnessed in NIIT, HCL Technologies and Infosys Technologies.

Dealers said various institutions were active in negotiated deals in a bid to reshuffle their portfolios. According to market sources, some deals were between UTI and LIC/GIC. They said that UTI was the seller, while the insurance corporations were the buyers. Similarly Morgan Stanley MF was also one of the sellers/buyers in these deals as part of portfolio restructuring.