The domestic bourses seem to have shrugged off the Black Friday phenomenon. Though eight out of the previous 10 Fridays had ended with the market falling sharply, today the indices managed to put up a brave face.
The pessimism which had pervaded the market is slowly receding and players are slowly beginning to turn bullish. Since markets have a way of discounting future events in advance, better days could well be looming ahead.
Focus on Telco
The Telco counter is beginning to see heightened activity with funds slowly beginning to get attracted to it.
Today the Peace Brokerage picked up around six lakh shares. In the previous session the Skrodder Fund bought four lakh shares.
With more visible signs of a normal monsoon, the expectations of economic activity picking up are increasing.
In such a situation, the demand for trucks is bound to pick up in which Telco would be a beneficiary. The stock is seen a value-pick at current levels and the interest is bound to continue.
Tisco on fast track
Tisco, the other stock in the Tata stable, is keeping up with Telco as far as fund activity is concerned.
However, funds are viewing Tisco as a more promising stock on hopes that it will soon post a stronger show due to its increased efficiencies and a general pick-up in steel offtake.
After Uncle Sam mopped up 30 lakh shares in the past few days, the Savvy Fund and the Picket Fund have jumped onto the bandwagon, buying 15 lakh shares of the stock in the last two sessions.
In bear mode
Big Daddy has been playing spoilsport in the last few days selling stocks aggressively. The fund has stepped up activity especially at the counters with foreign institutional interest.
It has sold around 40,000 shares of Infosys Technologies, three lakh shares of Satyam Computer, 1.25 lakh shares of Grasim Industries, two lakh shares of Nalco, two lakh shares of Reliance Industries, three lakh shares of Telco and three lakh Tisco shares today.
