Financial Daily from THE HINDU group of publications
Wednesday, Oct 02, 2002
Columns - Ear to the ground
Mastek slides on fund selling
Mastek came under heavy selling pressure on Tuesday. Selling was mainly from private mutual funds that had taken huge exposure in the counter a couple of months ago. Dealers said some fund managers were booking profits.
On Tuesday, the stock ended 6.15 per cent lower at Rs 378.95 on the BSE with volumes of 43.84 lakh shares. On the NSE, the stock closed at Rs 379.15 with volumes of 74.82 lakh shares.
According to market sources, the selling came ahead of the company's September quarter results.
Select funds bullish on BPCL, HPCL
Some fund managers are buying BPCL and HPCL for their portfolio even as others are reducing their exposure in these stocks. Dealers said that a private sector mutual fund with an aggressive investment style was seen accumulating shares of the State-owned oil companies. The fund bought a couple of lakh shares on each PSU on Tuesday.
Market sources say that BPCL and HPCL are attractive at current levels.
On Tuesday, the BPCL stock ended 2.41 per cent higher at Rs 175.95 on the BSE with volumes of 16.13 lakh shares. On the NSE, the stock closed at Rs 175.60, up 1.86 per cent with volumes of 30.46 lakh shares. HPCL closed 2.68 per cent higher at Rs 172.45 with volumes of 27.54 lakh shares on the BSE. On the NSE, HPCL closed at Rs 172.50, up 2.27 per cent with volumes of 46.34 lakh shares.
FII offloading in Infy, Satyam
Leading software companies Infosys and Satyam Computer were back on the sell list of the leading FII, the Government of Singapore. Dealers said the FII was believed to have sold shares of these companies ahead of their quarterly results. The falling international market was also causing concern.
Despite selling pressure, Infosys ended marginally higher on both the exchanges. On the BSE, Infosys closed at Rs 3,411.30, up 0.33 per cent and on the NSE, the closed at Rs 3,406.90 almost at the Monday levels. Satyam, however, ended 2.09 per cent lower at Rs 210.70 on the BSE and on the NSE, the stock closed at Rs 212, down 1.98 per cent.
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