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Too many speculators in Shankara Buildcon, D-Mart?
The newly-listed Shankara Building Products and Avenue Supermarts, which operates D-Mart, seem to have become the latest favourite of day traders. Market players say that a high amount of speculative activity is taking place in both stocks. If one goes by delivery data, Shankara and D-Mart have seen meagre deliveries of under 12 per cent in the past three trading sessions, implying that people are squaring off most of the trades intra-day. In comparison, Reliance Industries, which too has become a market favourite in the past few weeks, saw deliveries of over 30 per cent.
Joydeep Ghosh
Sebi chief meets SAT panel
Ajay Tyagi, the new chairman of the Securities and Exchange Board of India (Sebi), met with officials of the Securities and Appellate Tribunal (SAT) bench last week. This was the first formal interaction between the new Sebi chief and the quasi-judicial body since he took charge on March 1. According to sources, Tyagi and SAT members discussed ways to improve functioning. The discussion largely remained on administrative issues, said a person in the know. There have been several instances in the past when SAT had pulled up Sebi over certain lapses at the market regulator’s end.
Shrimi Choudhary
Short positions building up in Nifty Bank
The market seems to be betting on another bad quarter from the banking sector, especially public sector banks. According to last week's open interest data, short positions on the Nifty Bank have shot up after expiry on March 30. A month ago, open interest had come down. Says a fund manager: “While the March quarter results are expected to be muted, the next six months will be critical for the banking sector. If non-performing assets keep on piling in the absence of credit demand, the sector's troubles will worsen and it is not a good sign for an economy, which is seeking to grow at seven per cent-plus.”
Joydeep Ghosh
