Flat-Footed
There is no wonder that stock markets in India are one of the most unpredictable. While, market players keep grumbling about the global impact on local indices, they are not even mildly surprised when the Sensex goes against the global tide. It has almost become a game.
Contradictory signals from the global arena kept the local market almost flat on Friday. While the Hang Sang and Nikkei ended lower -- with the former hitting its 29-month low -- there were positive signals from the great grounds of Uncle Sam. The Nasdaq Futures were up 22 points and its tech bellwether Cisco Systems indicated that it was beginning to see signs that business is stabilising.
Hitting hard
Market players indicated that probably the King Kong Brokerage was seriously interested in picking up shares of Wipro. It is rumoured to have bought over 1.60 lakh shares on Friday. Wipro recently announced that it was revamping its board to make the company truly global. Since Wipro's growth plans are more aggressive compared with others, it seems to have excited players, dealers said.
Castrol blues
The Castrol counter had made players happy in early trading hours when a wire agency reported that BP Amoco had filed a revised open offer. However, the happiness was short-lived as the company denied such a development. However, the drama kept players active at the counter. Cap-it-all has been a regular seller at the Castrol counter, but the Savvy Fund Manager is reported to be bridging the gap. The judgement on the interest payable by the parent for the open offer, expected on Monday, will make the picture clearer.
Abrupt end
The Zee Telefilms stock, which had been witnessing a consistent upward march for past few weeks, reversed the trend on Friday for unknown reasons. Some say the denial by the company that it has finalised a strategic partner was the cause.
The Savvy Fund manager has been lending a helping hand to Zee and it is rumoured to have picked up about 25 lakh shares from the main promoters at Rs 106. It had earlier picked up about 20 lakh shares at about Rs 80.
Tidbits
Universal Banking continued to chase Ranbaxy on Thursday and is rumoured to have picked up 50,000 shares. In a week's time it is said to have accumulated more than 6 lakh shares. Developments on the cefuroxime axetil front give scope for a tremendous boost to Ranbaxy's exports, while approval of cipro once a day by DCGI will help the company register good growth in the domestic market as well.