Bill Mooted For Investor Protection

The surge in foreign-fund buying continued unabated, pushing the market northward for the seventh successive trading session. Undoubtedly, it is a liquidity-driven rally, but then nobody has any reason to complain. Will the last day of settlement on the Bombay Stock Exchange (BSE) rein in the upward movement of the indices?

Brave bears

Players who are short at the Zee Telefilms counter are still holding on to their positions. During this week alone, short positions at the counter have gone up to around 3 lakh shares as compared with 50,000 shares at the end of last week. The scrip price, after flaring up earlier on in the week, has steadied in the last couple of trading sessions.

Big Daddy, Uncle Sam and a leading US based fund identified by its savvy Indian fund manager have all started booking profits at the counter. In the last two trading sessions alone Big Daddy and the US based fund have sold 1 lakh shares between them. Despite this, short sellers have chosen not to cover up positions. This could mean that either some large institutional selling has taken place and is yet to be reported or bears are convinced that some large-scale sales are in the offing at the counter.

In the family

Another counter where Big Daddy and Uncle Sam's selling pressure has not upset the apple cart is Infosys Technologies. They are believed to have sold close to 50,000 shares between them yesterday.