The Hindu Business Line : Gains on informed buying

ON a day when most of the hotel companies shares remained flat or declined, ITC Hotels was an exception. The stock gained both on the BSE and on the NSE mainly on back of informed buying.

The stock closed at Rs 129.75, up 6.35 per cent, on the BSE with a volume of 8,893 shares and on the NSE, it closed at Rs 126.60, up 4.95 per cent, with a volume of 2,480. Dealers said there is select buying in the counter mainly on expectations of good financial results. Even a domestic broking firm has started recommending its clients to invest in the scrip on expectations of excellent financial results .

Locked in 5 pc lower circuit

AFTER witnessing sharp rise in December and January, the stock of small IT company, Helios and Matheson Information Technology, is locked in five per cent lower circuit for the last six trading sessions. The stock price of the company is falling from Rs 175 levels.

On Thursday, the stock closed lower at Rs 123.10 on the BSE with a volume of 2,480 shares.

Dealers said the stock had seen sharp rise mainly on back of active buying by a leading market player. However, this player is not active in the counter due to sharp volatility in the market. But they said there is not much selling in the counter and this is seen from the low volumes. With every dip in price, the volume has also come down. The talk is that this player is just waiting for further fall to accumulate the shares. The company has EPS of around Rs 8 for the first six months and around Rs 20 for the full year.

Unwinding leads to sharp fall

IT was another day of sharp fall in the Sensex and Nifty in the last 45 minutes of trading.

Dealers said the volatility was at its peak as the Sensex fell by almost 147 points between 3 and 3.20 p.m. and Nifty by 50 points during this period. Both the indices touched their days' high and low levels. They said the sharp fall in the fag end of the market was due to heavy unwinding of positions in the derivatives segment on the NSE and these positions were not rolled over to February contracts.

Virendra Verma

More Stories on : Stock Markets | Ear to the ground

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
NSDL demat account swells

Ashok Leyland plans stock split

Volatile movement

Gains on informed buying

ACC volumes shoot up on market buzz

Outlook negative for SBI, M&M

4 more pick up stake in UTI ARC

Sensex stays on correction mode

Dredging Corpn files prospectus with SEBI