The list of adverse events have increased in the past few weeks and dampened whatever little buying interest was anticipated. However, the efforts are on and the belief that they will bear fruit is what is holding the market.
Sterlite wilts
Sterlite Industries acts of omissions and commissions are believed to have caught up with the company yesterday. The scrip was a big loser on a day in which a large chunk of delivery-based selling is reported to have taken place. Among the sellers were Jordan, Small daddy and the Prudent Fund. With the department of telecommunications fiasco not meeting with a satisfactory response, funds preferred to press the sell button with Prudent itself selling a lakh and a half shares. However, the big seller in this scrip was Jordan and he is believed to have dumped half a million shares of the same.
Company visits
With broking business tougher to come by these days, Numero Uno and the like are entertaining funds as also organizing company visits for them . Jan fund, which has shown interest in the Indian market when several others were pressing sales, is reported to be paying visits to several corporates which includes the likes of Infosys. Not to be left behind Savvy too is reported to have made his presence felt in corporates which include the like of Global Tele-Systems.
ADR blues
The American depositary shares of local corporates are going through a severe drubbing and, as a result, the slide of its local counterpart is not far way off. Infosys has been a major victim of the same. However at every fall, a small bout of buying emerges and on that list was purchases of another half a lakh by Uncle Jam. A few days back Mr Exit is also reported to have evinced buying interest after having pressed aggressive sales at higher levels.
Uncertainty continues
Uncertainty continues to be at an all-time high. A classic case of the same was the fact as to whether or not the Global Brokerage had executed buy orders on Zee telefims. With no contracts having being issued as yet, the smart trader is of the view that the warehousing activity may have being set into motion .
The scrip continued on a weak note increasing the level of skepticism as to whether or not buying actually took place.
Safe pick
Everytime the level of uncertainty increases, fund managers head off to safer pastures to park their funds. While Savvy preferred to buy HDFC Bank, Cross Be executed buy orders in ITC for one of its prominent institutional clients. Y Car was another brokerage to execute a buy order of around half a lakh shares of Satyam.
Private affair
In an environment in which the secondary market is in doldrums , One Day trader believes that the fact that Ramco is trying to place its shares at a heavy premium to its current ruling price requires highlighting. Otherwise by and large the private placement market has gone for a toss with those
stuck with the diktat of the one year lock-in of Sebi, being hit the hardest.
No leader
What the markets seem to be lacking is an individual or institution who could give direction. And until and unless the same happens, the listlessness is expected to continue.
