Street Signs

Infosys' results more or less set the tone for the markets last week, as bears triumphed over bulls by a margin of three to two.

But by the end of the week, the markets bounced back enough to close with a minor gain as foreign and desi funds went hunting for good bargains at lower levels. With low-lying apples becoming rarer by the day, it seems as though every correction is being treated as a buying opportunity.

If we have to spot one sector above all else which witnessed sustained buying action, it is gems and jewellery. Stocks like Vaibhav Gems and Rajesh Exports were eagerly sought after by frangipanis who might have woken up a little late to their glitter.

German Fund was one big buyer at the Vaibhav Gems counter, picking up nearly two lakh shares at Rs 238 levels.

Apparently, Uncle Sam and Clive Lloyd Fund were also parking a lot of monies at the counter in the recent past. Not satisfied easily by its purchases of the stock, German Fund indulged itself further by buying a chunk of Rajesh Exports stock at Rs 681 levels.

The Aptech counter has been witnessing a lot of action of late. The buzz about Lord of the Ring's plans for the company resulted in the stock hitting the upper circuit on Friday at Rs 79 levels.

In about two weeks, the scrip surged 53 per cent. But Merry Lunch Brokerage have used the current spike as an opportunity to book profits at the counter.