50 Lakh Sail Shares Dealt

The SAIL scrip yesterday witnessed huge off-market deals on the BSE. About 50 lakh shares changed hands in tranches with a leading FII reported to be the buyer at the counter.

Marketmen said that the SAIL global depository receipt was trading at a discount to the domestic price. This gave the players lot of arbitrage opportunities, they added.

The price , however moved in a narrow range with the scrip closing at Rs 14.25, down Rs 0.50 over the previous close. On the NSE, trading in the scrip was frozen at Rs 14.20 after there were no buyers at the counter.

 

The IPCL scrip continued to hit new 52 week lows at the BSE and NSE in the face of unabated selling pressure. On the Bombay Stock Exchange, the scrip touched a new 52 week low of Rs 88 during intra day trading before edging to Rs 88.50 at close, a loss of Rs 4.75 over the previous close.

On the National Stock Exchange the scrip touched Rs 88.05 during intra day trading before closing at Rs 88.55. Marketmen said that the step fall was due to the withdrawal of a huge buy order by an FII after the markets turned volatile last week.

On the BSE 4.9 lakh shares changed hands while on the National Stock Exchange, 6.44 lakh shares changed hands.

Software stocks continued to take a beating on selling pressure with Aptech and Satyam Computers being among the major losers of the day.

The Aptech scrip fell by Rs 50.75 on the Bombay Stock Exchange to close at Rs 667.50. "Software scrips had become overheated, so they are presently witnessing a technical correction.

This apart, there also seems to be some genuine selling by FIIs in order to meet their redemption demands," remarked an analyst at an institutional broking house.

The VSNL scrip witnessed an off market deal of 1 lakh shares on the NSE yesterday at a price of Rs 886 per share. This was at a premium of Rs 24 over the previous day's closing price.

Two wheeler stocks, Her Honda and LML continued to be on a roll with both scrips hitting new 52 week highs on the Bombay Stock Exchange during intra day trading. The Hero Honda scrip touched a new high of Rs 988 while LML saw a new high of Rs 95.