Finally there was a feeling of relief among players as the day closed with sharp gains in many counters, particularly in technology stocks. This has provided a much-needed booster dose to the morale of market participants.
The decision of the US government over the weekend to release 30 million barrels of crude into the market had the desired effect of cooling off international oil prices. The other factor affecting market sentiment globally was a weak euro and which too seems to have been taken care of with the broad consensus among developed nations to prop up the euro keeping with the overall interest of world financial markets.
Back home, the petroleum minister has proposed a three-pronged approach to tackle the burgeoning oil pool deficit and, hence, the hike in petroleum products would not be as hard as expected by the players. This has lifted the veil of uncertainty and a fresh view on the street appears to be on cards.
SSI bounces back
The stock was the star performer yesterday with about 1,50,000 shares being picked up by Dutch brokerage, which saw the stock soaring to the upper circuit of 16 per cent.
The stock had received an indifferent treatment despite an acquisition in the US by the company. However, it finally seems to be getting its due recognition and was back in the limelight.
Digital signals
Digital Equipment has been one of the pet picks of the Savvy fund manager and the amount of churning done by the fund has been tremendous. Even yesterday, Savvy picked up about 3,50,000 shares.
The stock closed with a huge gain and ended the day at the upper end of the circuit filter.
Out of tune
Global Tele-Systems struggled for most part of the trading session and was unable to close with any significant gains after the Savvy fund manager dumped about 8 lakh shares in the previous trading session.
In a market where most momentum stocks gained sharply, Global Tele just about managed to recover and was still trying to come to terms with the fallout over its recent merger with Global E-Commerce.
Satyam and Zee in action
Satyam Computers was in the limelight yesterday with the Big Bull outfit picking about half a million shares and Numero Uno about 3 lakh shares. Prudent fund also picked up some quantity but the exact amount could not be ascertained.
In the previous trading session also Big Bull had picked up about 3 lakh shares, while Numero Uno sold about a lakh.
Zee Telefilms was also another major gainer and ended the day above the 8 per cent limit after Big Daddy, Small Daddy and Savvy bought about a million shares between them.
Lever gets a battering
The stock was at the receiving end and about a million shares were dumped by Skrodder fund. The stock got hammered to the day's low of Rs 206 before finally settling at Rs 214 for a fairly sharp loss in spite of the overall market looking fairly buoyant.
P N Brokerage also sold about a-lakh-and-a-half shares in the previous trading session though Uncle Jam provided some respite by picking about 3 lakh shares. While the exact reason for the latest round of selling is not known it is speculated that margins would be hit in view of the increased prices of raw materials.
Also that the future growth would not be as spectacular as in the past since future growth prospects would be more organic compared to growth led by mergers and acquisitions.
