The MTNL counter hogged the limelight today and was back in focus after quite a while. The stock has this odd characteristic of dominating the trading scene in fits and starts.
Today, the Sovereign Singaporean fund (also known as Mr Exit) was reportedly a buyer at the counter and is estimated to have bought around 6 lakh shares.
The Big Bull brokerage was also active at the counter and was busy buying on behalf of its clients. The buying is presumably happening since it offers good value even if there may not be any new story and seems good enough for some decent appreciation from current levels.
Day of the oldies
The oldies made a comeback today with many leading lights of the old economy being picked up by foreign funds. King Kong bought around 2 lakh shares each of HPCL and BPCL, while the Simple Simon bought around 6 lakh shares of SBI.
ITC also continued to be bought into though the exact quantities could not be confirmed. There was also the good old Hindustan Lever featuring prominently on the buy list with about a million shares being picked up by Cap-it-all.
On a new trail
The Jan fund is now on the trail of the HCL Tech counter. The fund is rumoured to have bought about 5 lakh shares in a warehoused manner in the past few sessions.
The stock will now be watched keenly since knowing the traits of the Jan fund it seems unlikely that it would stop at this quantity. But at the same time, one should remember that the Jan fund has also had some pretty disastrous calls and their policy of taking percentage holdings in companies has not always been infallible.
Specialised operator?
In these days when the mainline counters are still in the doldrums despite the huge FII buying, some street smart, habitual traders have managed to create niche areas to operate in with very little risk.
In what may be called old wine in a new bottle strategy, this upcoming operator who has decided to specialise in penny stocks buys out the last lot on offer from institutions who have decided to get rid of a stock irrespective of its valuation.
The lack of further supply itself ensures that the stock moves up irrespective of any major buying. The latest in the bag of tricks of this operator with his peculiar dress sense and nicknamed 'Boxer' on the street is the Salora International scrip.
This scrip, once the fancy of the big bull on the street, may try to perform some magic in keeping up with its Jadoo Net fame, if the operator has his way.
