Banking On Pm Visit To Us

Infosys under pressure

The Universal Banking outfit sold about 1 lakh shares of Infosys in the previous trading session. The Jordan Fleming brokerage also joined the bandwagon and offloaded about 40,000 shares. Though the scrip was under pressure for a major portion of the day, it recovered towards the latter half and posted nominal gains. The saving factor was the Numero Uno brokerage which bought about 60,000 shares for its client yesterday which to some extent helped the recovery. Another scrip to be dumped by Universal Banking was Satyam Computers though the quantity was insignificant as compared to Infosys. The Digital counter was in the limelight after a long time with a couple of lakh shares being picked up. The scrip closed substantially higher hitting the upper end of the circuit filter.

 

Zee on the move

But the star performer of the day was Zee Telefilm which announced a tie up with a studio in the US for a movie channel. This sent the scrip soaring towards the latter part of the trading session and it closed at the days high. With the scrip moving into no delivery on the National Stock Exchange some more fireworks can be expected and there is every likelihood of one seeing a great amount of volatility in this counter.

RIL out of choice

Reliance once used to be a barometer of market sentiment and the bulk of the market activity would be focused around it. However, the volume in the counter these days is pathetic to say the least. It lacks its speculative flavour which it once had. Whether this is an effect of it being an old economy stock or otherwise one still does not know. But surely some old timers would be missing the action and hoping that the good old days come back.

Global effect

While most market participants may be looking at the activity of the FII's to gauge some trend about the direction of the market, there were some brave elements who chose to be contrarian, and have a view of their own. As the facts now bare out these players have turned out to be more savvy than even the most heard about and hyped about offshore funds and fund managers. In fact more often than not these players have given the FII's a run for their money. Now we have an emerging breed who intend to set up hedge funds, a concept still not widely known or experimented in India. These are the ones who dare to venture on unfamiliar terrain, as if the vagaries of our market are not enough. The Global Brokerage is one such local outfit who not satisfied with acquiring membership on several exchanges across the globe is on the verge of launching a hedge fund. Lets hope more local players think globally.

US bound

With the PM and his entourage in the process of packing their bags to leave for the land of free enterprise , there is a ray of hope on the street. The anticipation is that one can expect some more positive news from the software service majors and a good number of deals to be announced during this trip. This anticipation is providing fresh ammunition to bulls on the street the outward signs may not be all that apparent. Time for being optimistic but cautiously.