The scare of mounting net outstanding position is once again staring the bourses in the face. In fact, the net outstanding position at the BSE yesterday touched an all-time high of Rs 2,160 crore. This is a jump of Rs 179 crore over Monday's level. Even after discounting the Tuesday effect, the net outstanding indicates that bourses are over-stretched by a huge margin.
Also the fact that foreign funds continue to sell at higher levels indicates that most of the stocks are being picked up by weak players. What is surprising is that even after a huge carryforward position, badla rates remained subdued on Friday. Also of interest is the fact that while the weighted average badla rates hovered in the range of 21 per cent, the badla rates in the case of Pentafour and Satyam was as high as 70 per cent.
Citicorp Sec on the move
In the past ten days Citicorp Securities has jumped from Rs 120 to Rs 250 at the bourses on the back on some fund buying coupled with some speculative buying interest. Sources say that Savvy fund manager has been a constant buyer at this counter and he was accompanied by One-Man Army in the process.
Return of retail crowd
It is that phase of the bull run when every second B group share is moving up, apparently for no rhyme or reason. Retail participation is healthy for the market, but it is also an indicator of the market peaking out. Once the tide turns, players find it difficult to get an exit route at most of the counter. And when that happens, the panic spreads rapidly. It happens every time that once retail investors burn their fingers, they take a very long time to get back into the market.
Daddy deals
Big Daddy is making full use of the buying frenzy at the Telco counter. The fund is reported to have sold around 2-3 lakh shares yesterday. Yesterday, some institutional player is reported to have mopped a good chunk of shares towards the fag end of the trading sessions.
Buying interest continues to prevail at the Grasim counter with the scrip zooming to a new 52-week high yesterday. On Monday, close to 3 lakh shares were picked up between various funds. However, the scrip hit the upper end of the circuit filter on thin volumes indicating lack of depth at the counter.
The L&T scrip came under pressure towards the end of the trading session, indicating that sales at the counter far outweigh the purchases. The Numero Uno brokerage is reported to have dumped close to 2.2 million shares over the past ten trading sessions on behalf of the Holy Fund.
Software sales
The Big Bull brokerage is reported to be a regular seller at the NIIT counter over the last couple of trading sessions. On Monday, it is reported to have sold close to 25,000 shares while yesterday too it sold a similar quantity.
Fresh entry
With side counters back in demand, the One-Man Army too is reported to be shifting his focus to some
