Financial Daily from THE HINDU group of publications
Saturday, Nov 15, 2003
Financial Daily from THE HINDU group of publications Saturday, Nov 15, 2003 |
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Markets
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Stock Markets Columns - Ear to the ground Block deal in LIC HF
THE counter of the housing finance subsidiary of Life Insurance Corporation on Friday saw two block deals in early trade on the NSE. The first deal for 36.68 lakh shares was struck at Rs 187.5 per share and the second one of 1.21 lakh shares was done at Rs 188 per share, market sources said. While sources said the seller appeared to be IFCI, they could not place the buyer even though they said it seemed like a foreign fund. IFCI has been steadily selling its stake in several companies, including that in LIC HF, in the current bull rally. The booming mortgage finance sector and LIC HF's prospects have been attracting investors, including foreign institutional investors. Even though the block deal initially lifted the share price of LIC HF and it went on to mark a new year-high of Rs 191.90, it later plummeted to close the day at Rs 172.90, a drop of more than 5 per cent from its previous close on the NSE.
FII action in frontline stocks SOME foreign institutional investors were reported to be booking profits from their investments in stocks of Reliance Industries, Tata Motors, Maruti and Tata Steel. According to market sources, a US-based mutual fund was seen selling at the Reliance counter. They, however, said the other three counters were a mixed bag. Meanwhile, institutional interest is maintained in Hindustan Lever Ltd and the stock price rose marginally on Friday. Reliance Industries closed at Rs 464.35, 2.71 per cent lower than its previous close on the NSE. Volumes on NSE and BSE together stood at about 85 lakh shares. The HLL stock closed at Rs 181.35 on the NSE with altogether about 31 lakh shares traded on two exchanges.
On a scouting mission? THE stock market grapevine was abuzz that a brokerage firm has brought a team of foreign institutional investors to the country on a "reconnaissance visit". The team — reportedly about 25-strong — comprises fund managers from different FIIs and is here to have a direct feel of the Indian market, sources said. Market men speculate that such a visit by big funds could be for taking a view on the Indian markets in the coming year. So far, FIIs have invested more than $6 billion in the Indian equity markets — the single biggest factor that has fuelled the current rally.
Dinesh Narayanan
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