The stock exchanges are drifting into a pause mode. Trading sessions which used to be looked forward to, are now treated with indifference with erstwhile traders engaging themselves in other activities. In fact, most of the big operators have just packed their bags and have taken off to holiday in foreign locations.
Merger fervour
The rumours of the merger of PSI Data with another blue blooded software company specialising in banking software seems to have got the man who runs the Global brokerage training his guns on this stock.
There could be more than the rumours to it though, since the man is known to act more on research than just hearsay. He is reported to have picked up sizable quantities although the exact quantities could not be ascertained.
The stock, after having been locked at the upper end of the circuit-filter, eased a bit towards the latter part of the session. Having attained legendary fame with his ability to break the market by selling 100 shares of Wipro, one will have to wait and see whether his magical touch works on the upside.
Surprise warning
Nestle has earned the distinction of being one of the first non-technology company to issue an earnings warning even if they did not say it in as many words.
However, there seems to be very little impact on the stock price which, in fact, gained on balance. Punters actually believe that the stock will not witness any negative impact due to the warning since the parent company itself is rumoured to be increasing its stake through the creeping acquisition route.
It has also been rumoured that a buy order for almost 6 million shares with a price limit closer to the 52-week lows is still pending with one of the leading foreign broking houses.
In today's session, about 40,000 shares were picked up, but it remained uncertain if it was the same broking house who bought them or if it was fund-based buying.
Savvy moves
The Savvy fund cannot make up its mind whether to dump it or live with it. Or maybe, it is just trading on the counter with a view on cost reduction.
Being quite deft in trading especially in this counter, the Savvy fund manager bought around 60,000 shares of Software Solutions in today's session.
The stock managed to post a decent gain though. If there is any other motive behind this latest round of buying, one doesn't know but in all probability it seems just another routine trading call since it lacked the usual aggression associated with the fund.
