The stock markets today received a rude shock on the technology front. Satyam has been facing the flak of a few foreign portfolio investors as some of them are really confused over the Indian technology stocks. Most of them are unable to make up their minds on the buy and sell side.
Satyam hit
Shares of Satyam Computer Services are at the receiving end from Sovereign Singapori Fund. The fund, which has a liking towards technology stocks, seems to be discarding the stock in huge quantities.
Today also it continued to hammer the stock. Though the reason is not yet clear for the fund's displeasure for one of the cheapest frontline stock, it seems that the issue about one of its subsidiaries is causing worries.
The Singapori Fund is believed to have sold around six lakh shares today. The combined sale of the stock in the last two days by the fund alone is said to have been more than 10 lakh shares. The fund was seen selling certain other technology stocks as well.
Wipro finds takers
It seems that suddenly foreign portfolio investors have developed a liking for Wipro stocks. The stock has seen large buyings in the past couple of days.
Today, it was lapped up by Asasbe Sec and Cleanson Brokerage on reports that the company had bagged a huge order from a large European telecommunication company.
More names of clients are expected to be announced in a couple of days, market players said. The quarterly results of the company, which are expected on Friday, are being keenly awaited. Names such as Mannesman and Vodafone are being discussed in hush-hush tones.
Some analysts feel that the large European order received by the company may make up for the loss of business from GE, a major client of the company which has been downsizing its business outsourcing. Moreover, the company is also expected to announce an almost three-digit year-on-year growth.
