The market did a somersault today and after being down about 85 points at one point of time, bounced back to close less than 10 points down. Which makes it interesting, since the conclusion which automatically follows is that the value buyers have not totally disappeared. There is at least some ray of hope at the end of the tunnel and, things which had looked hopeless now seem to have got a new lease of life.
Infosys - getting shuffled
The Infosys stock is seeing some violent shuffling with some funds dumping the stock with a vengeance, while some others picking it up as if there is no tomorrow. The Open-Hire fund is buying into the stock aggressively even as some others like Skrodders are getting out of it. It is as if the funds are playing a game of passing the parcel, with the some after getting jittery about holding it, just rushes to dump it in a great hurry. The Cleanson brokerage sold 4 lakh shares last Friday but the quantity looks to be a warehoused trade which would actually have got executed across a couple of days at least.
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The effect of the sell-off was felt even today with the stock quoting below the 3,200-mark for quite a while before eventually recovering on the back of buying from Open-Hire and Big Daddy, who has also now turned a buyer.
Optical illusion
The Savvy fund manager was seen scouting around on the Sterlite Optical counter and is estimated to have picked around 75,000 shares. But more interesting is the fact that the E-Name brokerage has turned positive on the stock and has been on a systematic accumulation spree.
The brokerage is rumoured to have bought almost 2 million shares in the past several weeks. The accumulation has been so discreet that hardly anyone would have got whiff of what was happening.
Role reversal
Big Daddy has reportedly turned a buyer and if market sources are to be believed, the selling has almost completely faded. This is some solace since the market was drifting downwards, in spite of the huge FII buying, largely because of fears of the retail market players who have been offloading market positions and delivery. And Big Daddy's selling was not helping matters in any way.
Ze(e)roing in
The Zee Telefilms scrip witnessed a salvage operation that prevented the stock from sinking into double digits. The stock, which was getting pushed lower with every passing day, had a saviour in the Co-Tech Securities who bought about 7 lakh shares today which saw it to a fairly respectable close.