Despite the fact that eight out of ten players on Dalal Street are bulls, the bourses simply refuse to look up. Going by simple logic, the presence of too many buyers should have sent scrip prices soaring. But that is not happening. Worse still, even though FIIs have been aggressive buyers over the last couple of weeks and are expected to allocate more funds in the new year, bourses continue to remain at a low ebb.
All this somehow indicates that leading market-makers are not taking up any major commitments despite the overall bullish undertone. Rather, they are unwinding some of their positions at higher levels, just to be on the safe side.
With stagnation setting in at second-line counters, retail money is just not coming in. With market-makers too not taking the initiative, matters seem to have reached a stalemate.
Interestingly, outstanding positions on the BSE have risen by over Rs 150 crore even in a weak marketplace.
Join the party
The DSQ counter seems to be attracting the attention of more fund managers, judging by the price run at the counter. Yesterday, there is reported to have been a buying order to the tune of nearly 2 lakh shares, with Big Daddy figuring among one of the buyers. Among broking houses, the Dutch Brokerage is reported to have made purchases at the counter though the identity of the fund could not be confirmed.
Out of fuel
One of the major casualties yes
