Telco, Bajaj Auto Scrips Post Losses
Bajaj Auto and Telco scrips were the major losers of the day on a fresh wave of selling pressure. Marketmen said a couple of foreign funds were pressing sales at these counters.
Among the FIIs reported to be heavy sellers in the scrips were Capital International and Schroedders. Both scrips touched new 52-week lows during intra-day trading. On the BSE, the Bajaj Auto scrip fell to a new low of Rs 467.25 before recovering to Rs 473 at close. Yesterday, 7.72 lakh shares were traded on the BSE. The Telco scrip touched a new 52-week low of Rs 222 on the BSE before edging up to Rs 223.75 at close.
SmithKline Beecham scrips, Consumer and Pharma witnessed hectic activity during the day, but ended the day at previous closing levels on profit taking. The SmithKline Consumer scrip touched a new 52-week high of Rs 394.50, but closed at Rs 385, up Rs 4 over the previous closing price. The SmithKline Pharma scrip flared up to Rs 600 on the BSE, a new 52-week high. It finally closed at Rs 580, up Re 1 over the previous close.
FIIs were reported to be pressing sales in East India Hotels, Indian Rayon and BPCL scrips. All the three scrips touched new 52-week lows during intra-day trading.
The Ranbaxy scrip witnessed a negotiated deal of 1.90 lakh shares on the NSE yesterday at a rate of Rs 685 per share. The counter has been witnessing many off market deals over the past couple of weeks. Marketmen say the shares divested by the management are being placed with FIIs.
The Digital Equipment scrip slid sharply following disappointing results. On the NSE, the scrip hit the lower end of the circuit filter at Rs 118.50 , down Rs 13 over the previous close. "A lot of speculators had got into the scrip following news of Compaq-Digital merger world-wide. Most of the long positions were unwound yesterday, also the flat results from the company sparked off more selling", a dealer at an institutional brokerage said. The NIIT scrip witnessed a cross deal of 75,000 shares on the BSE yesterday at Rs 710 per share.
Marketmen said that FIIs were buyers in the HLL scrip yesterday. It clocked trading volumes of 1.71 lakh shares on the BSE yesterday. The scrip closed at Rs 1364, up Rs 5 over the previous close.