Picky Season

With caution being the watchword, stock-specific activity is rising on the bourses. And as the day for compulsory rolling settlement draws near, the urge to create fresh positions is ebbing.

Institutional investors which are the mainstay of the local markets are not coming forth with new buy orders and are reworking their strategies.

While overseas trends are to a large extent determining investment patterns, those funds who may have over-stretched themselves are trying to align their portfolios keeping in mind the changes in the Morgan Stanley Capital International.

Global tie -up

Global Tele-Systems was the star performer at the bourses with rumours of the company tying up with a foreign major doing the rounds.

The Numero Uno brokerage and Co-Tech Securities are said to have bought around 12 lakh shares between them today.

It was Numero Uno which had given a strong buy call at around Rs 180, only to see the stock halving from that level even before its recommendations could percolate fully.

But with its view still intact, it managed to push the stock more aggressively at bargain prices. Today, however, its clients would definitely be a happier lot for following the firm on this call.

Tolling Bhel

Bhel has managed to survive the meltdown that other stocks have witnessed, and has almost moved up to its 52-week highs.

The company's fundamentals have been on a sound track and rumours of the company having bagged an order worth Rs 300 crores added to the speculative fervour.

The routine divestment rumours also helped the stock be in the limelight. Uncle Sam is reported to have bought five lakh shares of the stock today.

Bhel was one of Uncle Sam's oldest and most favoured picks in its early days, which is a possible reason behind the current purchases.

Brand picks

Brands also were the flavour of the moment as some funds zeroed in on companies having strong brands.

Nestle and Colgate were on the buy list of some funds. Prudent bought about 50,000 shares of Glaxo while Simple Simon is reported to have bought 1.25 lakh shares of Nestle.

Nestle's parent company was rumoured to have mandated a firm to buy about 60 lakh shares through the creeping acquisition route but at a price which was at that time lower than the market price.

It is possible that the limit could have been revised which is the reason for the flurry of activity.

Miscellany

Three lakh shares in Tata Power were bought by Jordan Flaming, while four lakh shares in Bajaj Auto were picked up by Big Bull. And Mr Exit, the fund from Singapore, reportedly sold about eight lakh shares in Satyam Computer.