Junking Jive

It was a free-for-all on the bourses as across-the-counter selling set in on Friday. Further, with tech stocks facing a dry run on the US markets coupled with the news of a Cabinet reshuffle at the Centre, the markets found the going tough and ended on a negative note.

Infosys

The Sovereign Singaporean Fund was very active in selling Infosys Technologies, dumping nearly five lakh shares over the last couple of days. According to market players, most funds and foreign investors have been dumping the stock, which has eroded the indices considerably. "Usually we see selling at levels higher than this - which indicates desperation or a deliberate attempt to hammer down the scrip," said a market player.

 

Aftek Infosys

Aftek Infosys, which witnessed a sell-buy tussle at its counter, wound up gaining 7 per cent. Incidentally, according to the market, while the Green Fund was selling the stock, the management of the company is rumoured to have picked up these shares. More than 2 lakh shares were supposed to have changed hands through this route. Market pundits said the company's fundamentals were strong and its association with Computer Associates is working in its favour. Among those bullish on the scrip were Open-hire-me Fund and Eveready Fund.

Hughes

A lot seems to have happening in Hughes Software - the market was fraught with rumours that more than 100 people were being laid off and salaries being cut. The company, however, clarified that only non-performing people were being asked to leave and that recruitment is actually taking place at other levels. The Fidly Fund and some other foreign investors were instrumental in bringing down the stock on Friday with nearly 2 lakh shares being sold. The market is also apprehensive about a profit warning by the company in the near future. Hughes' move is expected to be a repercussion of the troubles facing its parent, where job cuts are imminent before its selloff.

Open Offers

Interesting events were witnessed at the Wartsila India counter. The scrip, which opened up at a 20 per cent premium to its closing on Thursday, had only buyers for the stock and no sellers.

At the end of the trading session buy orders for more than 11 lakh shares were outstanding on the Bombay Stock Exchange and a similar number of the National Stock Exchange. The open-offer price of Rs 120 per share has had the entire market scrambling to get the stock floating in the market and make a neat killing. Since the Finnish parent is buying up the entire stake investors are trying their hands at arbitraging. In just two days, the scrip has appreciated by around 44 per cent.