The bourses remained flat today following the uncertainty over Unit Trust of India as well as the current market situation.
Foreign portfolio investors were net sellers, which is quite in contrast to their usual practice of being buyers in the past few months.
Though there was some foreign institutional buying at select counters, overall the activity was lopsided towards selling.
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Digital marginalised
Shares of Digital Equipment were dumped today by the Savvy Fund Manager. However, the quantity could not be ascertained.
According to sources, the selling by Savvy Fund Manager came as a surprise as the stock is known to be the fund's favourite.
Sources also said that the selling could be part of portfolio-reshuffling because fundamentally the company has not dipped into the red. In fact, results for the June quarter were encouraging.
A 15 per cent growth was witnessed in businesses other than from its parent Compaq. The parent's contribution to the company's business now stands reduced at 85 per cent.
Number-crunching for June is interesting because it displays the company's success in adding new customers and not just being dependent on the parent company.
All not well at NIIT
It seems that all those who held on NIIT are now shunning the stock. The depressing June numbers are also looming large over its future.
While many foreign institutional investors (FIIs) have been selling for the past few days, Cross Bee is said to have sold around 2.5 lakh shares today.
While the slight upswing in early trades caught the market by surprise, the Cross Bee lapped up the opportunity and sold.
The Y Car has already disposed off around 6-7 lakh shares. Mascot System, Aztec, Geometric, Kale consultant, Maars Software and Ramco System also witnessed selling from FIIs.
Tailpiece
The Bye-Bye Fund's parent company was again in the market today. Sources said that Bye-Bye Finance has recently shown the doors to two officials of Kalpnish Investment, its investment subsidiary, and one senior board level executive along with two others involved in investment management.
Bye-Bye Finance was in the limelight after the Securities and Exchange Board of India asked for clarification on the disclosure of investment losses made by Nishkalp ahead of its convertible preference issue of Rs 91 crore.
The financial performance of Bye-Bye Finance was dismal because its subsidiary failed to provide any dividend as it did in the previous year.