Financial Daily from THE HINDU group of publications
Thursday, Jul 01, 2004
Financial Daily from THE HINDU group of publications Thursday, Jul 01, 2004 |
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Markets
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Stock Markets Columns - Ear to the ground Cross deal in ONGC
THE stock of the oil and gas major ONGC witnessed a cross deal on the BSE whereupon reportedly 45 lakh shares changed hands. Word on the street was that the deal, which took place during mid-afternoon trade, was between foreign fund Janus and HSBC, with the former being the seller. The stock ended the day at Rs 629.25, down 0.32 per cent, with around 52.15 lakh shares traded on the BSE.
Interest wanes
ANOTHER counter that was affected on account of fund selling was HDFC. Market rumours once again placed Janus as a seller at the counter. There is talk that the fund in question is in the process of reducing its India weightage. Janus Overseas Fund holds 1.29 per cent shareholding or 31.86 lakh shares of HDFC as on 31 March 2004, while Janus Worldwide Fund has around 1 per cent shareholding or 29.42 lakh shares. The stock ended at Rs 517.15, down 2.94 per cent, with around 2.10 lakh shares traded.
Gains on fund buying SUSTAINED fund buying propelled the stock of Colgate into positive territory on the bourses on Wednesday. The market was awash with rumours that Morgan was buying at the counter. Analysts said that a good monsoon is expected to beef up rural demand, where Colgate has a strong presence. Dealers maintain that there is a perception that the stock could see very little downside from these levels. Foreign brokerage CLSA is also said to have taken a buy call on the stock. The stock ended at Rs 126.80, up 7.78 per cent, with around 1.58 lakh shares traded.
Institutional backing WHILE expectations of IDBI becoming a bank have been driving interest in the counter, select funds have also been mopping up shares. According to market rumours ABN Amro is reportedly active at the counter. There is also market talk that certain individuals in Reliance have been buying at this counter. The stock surged 11. 45 per cent to end the day at Rs 41.85 with around 43.42 lakh shares traded.
Deeptha Rajkumar
More Stories on : Stock Markets | Ear to the ground
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