Financial Daily from THE HINDU group of publications
Wednesday, Oct 02, 2002

News
Features
Stocks
Port Info
Archives

Group Sites

Markets - Stock Markets
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.

Virendra Verma

Send this article to Friends by E-Mail
Comment on this article to BLFeedback@thehindu.co.in

Stories in this Section
Bears march ahead


Underwriting losses of PSU insurance cos surge — Gujarat riots, third-party claims blamed
CSE for clarification on turnover fee
SEBI ties up with States to probe misconduct in SEs
Corporate governance, bond ratings — SEBI keen to ensure convergence
VisualSoft up on upbeat guidance
Mastek slides on fund selling
Naveen Patnaik sends Nalco tumbling further
`Evidence' on Ketan's links with ex-CSE president
BPCL: Short-term outlook positive
IGF seeks action against SHCIL
SEBI ban on Suman Motels
HLL, Reliance drag Sensex down; tech stocks mixed


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |

Copyright 2002, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line