Bulls In Retreat, Correction On

The correction phase finally seems to have set in at Dalal Street as bulls are slowly departing. While the BSE Sensex may have lost close to 200 points over the last couple of trading sessions, players are still optimistic. Interestingly, even as local players have reacted negatively to Sebi's decision to consider margins for institutional players, fund managers hardly seem to be bothered. This is evident from the way they have been going around scouting for stocks at every level, high or low.

The true contrarian

It seems to be the Holy Fund versus rest of the market at the Telco counter.

 

While the disappointing earning numbers forced most fund managers to exit the counter, Holy is believed to be having a fresh look at the stock. It is reported to have commenced purchases at the counter over the last few trading sessions. However, given the fact that few players are interested in the stock, Holy's purchases have been good enough only to steady the prices.

At a time when no fund managers are willing to look at anything other than software, Holy's attitude sure comes as a refreshing change.

Grim battle

It looks like a clash of the biggies at the VSNL counter. After Uncle Sam managed to absorb a large portion of Mr Big's sales at the counter, the scrip price is once again showing signs of weakness. Big is reported to have commenced fresh sales at the counter once again after having sold close to 7-8 lakh shares in the last one month alone.

However, at the SBI counter, Sam seems to be holding the upper end. Uncle's aggressive selling pressure at the counter have pared the price by nearly 6 per cent since Monday's closing level.

Mr Big is also reported to have spoilt the party of the Slim Robinson Fund at the MTNL counter yesterday. Immediately after Slim completed his purchases, Big is reported to have dumped about half a million shares at the counter, sending prices into a tailspin. The fund is reported to have dumped close to 1.5 million shares over the last couple of trading sessions.

New-found love

Meanwhile, Mr Big is reported to have picked up close to 2 lakh shares of BFL Software over the last few trading sessions. However, he is still not happy with the HPCL scrip which he continues to dump at regular levels.

Some Hope

The Hope-N-Hammer Fund is reported to be a regular buyer at the GACL counter at lower levels. But he seems to be a waging a lonely battle with few other players willing to share his enthusiasm for the stock. Immediately after it acquired a stake in ACC, there was a flurry of activity at the counter. After the initial euphoria, most players seem to be having second thoughts on the scrip.

No more the hero

Uncle Sam is reported to be regularly booking profits at the Hero Honda counter over the past few day. However, Big Daddy seems to be taking a contrarian view on the scrip. After stuffing his portfolio with software stocks all these days, he has decided to add a bit of auto to it, judging by his purchase of Hero Honda shares.

Even as NIIT is busy making corporate announcements, the Skroedder's Fund is reported to be gradually moving out of the counter. The fund is reported to have sold close to 5 lakh shares over the last few trading sessions.

Pricey deals

The Pricey Fund seems to be on an aggressive shopping spree, of late. He is reported to have commenced the second round of purchases at the McDowell and HDFC Bank counters. Both the scrips ended the day at the upper end of the circuit filer despite overall sentiment remaining weak.

Meanwhile, he is also reported to be buying Apollo Hospital once again. After plunging all the way from Rs 505 levels to Rs 370 levels, the scrip has been on the move over the last two days.