`Who will bell the cat?' seems to be the dilemma among the market-players currently. The undertone is fairly buoyant and foreign funds are continuing their scattered purchases. However, with a clear solution to the border problem still not in sight, players are hesitant to take up big commitments.
Smoke rings
Uncle Sam is believed to have picked up around 70,000 shares of HLL and around 3 lakh shares of ITC on Thursday. The scrip has been a favourite with the fund in the past, too. Not long back, one would see a 6-7 per cent movement in the scrip either ways in a single trading session, every third week. However, of late, the scrip has not witnessed any major fireworks, also due to the fact that the one-man army is not very enthusiastic about the stock. In the last three months, the scrip has been moving in an extremely narrow range even as benchmark indices have posted handsome gains. Yesterday, too, about 2 lakh shares of ITC were reported to have been picked up, though the identity of the institution could not be confirmed.
Wrong number
After hitting the upper end of the circuit filter on Thursday, the MTNL scrip failed to hold on to its gains yesterday. In all about 3 million shares is believed to have been sold throughout the week. The buy order for about 1.5 million shares on Thursday temporarily nullified the sales. However further institutional sales of about 6 lakh shares yesterday resulted in the scrip coming under pressure
Brokerage rankings
There seems to have been a drastic realignment of rankings of the active FII brokerages in the market. The leading European brokerage who had been occupying the top-dog status for the last couple of years, suddenly seems to have slowed down of late in terms of mega-deals. On the other hand, DSPML and HSBC Securities have emerged the Messrs Consistent of late, figuring in most of the recent deals.
Interestingly, the above-mentioned European brokerage has come out with a sell report on Telco. Despite selling pressure at the counter, the scrip has managed to hold steady, mainly on the back of scattered buying inter
