Merind Scrip Sees Buying Interest

Panic prevailed at the bourses as operators unwound their long positions in order to avoid high carry forward charges. Speculators jumped into the fray, thereby compounding the situation further.

On the NSE, 78 scrips hit the lower end of the circuit filter on sustained selling pressure.

Among key scrips which touched new 52-week lows on the BSE were Hindalco, Tata Donelley and Wockhardt. The Hindalco scrip touched an a new 52-week low of Rs 676 during intra-day trading on the BSE. Marketmen said FIIs were heavy sellers at the counter for the second successive day. On the BSE, 1.31 lakh shares were traded yesterday.

 

The Merind scrip saw renewed buying interest on reports that a Swedish company was eyeing a stake in the company. On the BSE the scrip gained Rs 11 to close at Rs 123 with 12,900 shares changing hands. On the NSE, the scrip gained Rs 11 to close at Rs 125.

Apart from Merind, Hoechst Marrion was the only scrip which gained over 3 per cent yesterday. On the National Stock Exchange , the Hoechst Marrion scrip closed at Rs 334, up Rs 14 over the previous close.

In the specified group, Thermax was the biggest loser of the day with the scrip falling by 9 per cent on the BSE to close at Rs 180.

The Zee Telefilms scrip continued to remain firm on sustained buying support with 1.76 lakh shares changing hands, mostly in negotiated deals. On the Bombay Stock Exchange , the scrip closed at Rs 126.50, the same level as the previous close.

Pressure on the rupee failed to cheer software stocks,which crashed on selling pressure. Among the significant losers were Infosys Technologies which closed at Rs 1180(-Rs 54.25), Satyam Computers at Rs 159.75(-Rs 7) and Software Solutions at Rs 149.75(-Rs 7.50).

"The market is over reacting to the ongoing turmoil in the South East Asian markets.

There has not been any drastic change in fundamentals despite the pressure on there Asian currencies," said a dealer at an institutional brokerage.

The Raasi scrip continued to defy weakening market trends with the scrip touching a new 52 week high on the NSE.

Trading in the scrip was frozen on the National Stock Exchange at Rs 153.75 after there were no sellers at the counter.

"The scrip is moving up purely on take over rumours. Apart from this there has not been any change in the fundamentals of the company," said a cement analyst.