The bourses are under the rolling settlement impact and even minor deals are having an affect on the buy or sell sides. Foreign portfolio investors are facing a tough time and players are apprehensive that fresh inflows may be curtailed in the near future. According to dealers, better volumes failed to recover prices owing to increased volatility.
NIIT in focus
NIIT is in the limelight. Yesterday the stock fell below the 16 per cent lower circuit filter and today it recovered to be among the few stocks to trade in the positive zone. Cross Bee is reported to have picked up around 1.5 lakh shares after Monday's sell-off from J P Fund in the range of 4-4.5 lakh shares.
The scrip touched an intra-day high of Rs 339.4. Market players were surprised at the aggression with which Jordan Flamingo discarded around four lakh of NIIT on Monday.
According to rumours, there may be yet another warning from NIIT as if the first one was not enough. Numero Uno and Aye-Sec are reported to have been sellers at the counter expecting lower profits.
Reliability hit
Asasbee was a major seller at the Reliance counter today by selling more than five lakh shares. Reliance is among the top holdings of Big Daddy and there is fear that it may sell too, leading to depression in prices.
Despite the company being fundamentally positive, it was no surprise that the sell orders were witnessed. Volumes at the counter are more than 13 lakh shares and the scrip touched an intra-day high of Rs 352. Price of naptha has been reduced by major oil companies and naptha is the single-largest raw material for Reliance. This could bring in some positive news for the company.
However, the impact of the Big Daddy's decision may nullify the positives developments. With Big Daddy's house on fire, a slump in the share price is expected. Asasbee, probably, is among the trading community which wants to garner the stock post-crisis.
