If the first-quarter results announ-ced by BFL are any indicator, then it would be correct to presume that even the software companies are human. Already analysts have expressed concern over the earnings potential of software firms. However, market-players are wishing that the BFL results are just an aberration and not a trend.
Chosen few
At an otherwise-dull trading session, the two stocks that witnessed sustained fund-buying yesterday were Larsen & Toubro and Telco.
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Market was abuzz with talks that a foreign fund was scouting for close to 2 million shares of Telco. Whether the fund actually got what it was looking for is a mystery. Reliable sources indicate that close to five lakh shares have been lifted by a foreign fund. Though the price of the stock indicated hectic buying, the drop in net outstanding positions did not show any significant purchases. At the end of yesterday's trading, the net outstanding position reflected a change of only one lakh shares.
On the other hand, there was buying to the tune of 1.5 million reported at the Larsen & Toubro counter. The net short position at BSE has gone up by nearly 5 lakh shares, indicating significant buying.
Safe banking
Finally, the stock of largest public sector bank in the country is getting the valuation which some market players believe had eluded it for some time now. It is said that Uncle Sam continues to be bullish at the SBI counter and it is believed to have mopped up close to 2.8 million shares of the bank on Wednesday.
The net outstanding positions at this counter has undergone a sea change since Monday. From a net long position of 3 lakh shares on Monday, the counter has turned net short by over 8 lakh shares.
Advantage Crompton
The next restructuring story that is catching fund manager's attention is Crompton Greaves. The UK-based Picket Fund has mopped up about 6 lakh shares of the company.
But the notable and the latest entrant at this counter is Uncle Sam. Reliable sources indicate that Y Car is war