The markets are in a depression mode. There seems to be acute depression in the techs and the mood remains morose.
Even a positive overnight Nasdaq was ignored, which is clearly a bad sign in these conditions. Rumours about political instability and a broker in trouble aggravated the situation.
The market looks as if it has bottomed out, yet the downslide continues. It seems the markets are unlikely to look up in the absence of investor confidence.
Blowing hot & cold
The Savvy Fund manager continued to surprise the markets on Thursday. It seems to be flirting with the stocks and blowing hot and cold with each passing day.
One day it is reported to be stripping its favourite stocks and the other day it covers up the same positions.
It seems to be indulging in inter-day trading. It has become difficult to fathom the moves of the Savvy investor.
Till, Wednesday he had been dumping Digital, Sterlite Optical and SSI and on Thursday, turned buyer at these counters.
Selling came as a surprise, as the valuations of these counters are quite attractive at the current levels.
Interestingly, the Savvy Fund manager had been holding on to these stocks for quite some time. Thursday's buying figures could not be ascertained.
Selling spree
Big Daddy seems to have set out on a selling spree these days. It is nothing surprising, given its current situation.
On Wednesday, it is believed to have dumped 3 lakh shares of ICICI and 1 lakh of ICICI Bank.
The ICICI Bank is expected to announce its performance for June quarter on Friday and the managers of the bank seem pretty confident about a strong performance.
However, Big Daddy's selling could have been accentuated with the current CBI investigations, market sources said.
Tailpiece
Infosys Technologies witnessed some pressure from Uncle Sam. Techs started the day on a gloomy note and the local weakness once again overshadowed whatever small positives came from across the US markets overnight.
In between, half of the tech stocks were found moving up deceptively, though later it fizzled out.
Digital was in action with the stock going down to around 400 levels but bounced back strongly to around 445 levels on the back of institutional buying.
Stocks such as SSI and Aptech, which took a beating on Wednesday saw some bottom fishing by unidentified institutional investors. Tips and Balaji managed to close higher, but Zee was once again seen struggling.
