Financial Daily from THE HINDU group of publications
Wednesday, Dec 31, 2003
Financial Daily from THE HINDU group of publications Wednesday, Dec 31, 2003 |
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Markets
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Stock Markets Columns - Ear to the ground Operators rock stocks
THREE big proprietary traders are said to have sold large chunks of frontline stocks, especially that of Reliance Industries, on Tuesday. According to market sources, while one large brokerage house and a big corporate were seen on the buy side, the three traders sold stocks such as Reliance Industries, State Bank of India, Tata Steel and Hindustan Lever. The stock of Reliance Industries went on a roller-coaster ride on operator activity, another source said. The stock shot up from the opening level of about Rs 537 to near Rs 555 per share in early trade. It slumped to Rs 522 intra-day, but last traded at Rs 560.95 after hitting a high of Rs 579.50 on the BSE with a volume of over 73 lakh shares. The stock closed at Rs 562.70 on the NSE, where more than 1.23 crore shares were traded and more than 30 lakh delivered.
Goan holiday A GROUP of Mumbai brokers is reportedly spending the New Year in Goa. The spectacular run of the stock market has brought windfall gains for these market intermediaries some of who are having one of the best money-spinning years in a decade. A market source said the group that includes some of the biggest names in town is likely to be back with some "resolutions" for the New Year.
Capital interest INVESTOR interest is building up in the stock of Reliance Capital in the other market", according to sources. Even though the stock closed lower on the BSE and NSE today, a source said that activity is picking up in the parallel market. Several operators have built up large positions in the stock in the illegal "dabba" market in Ahmedabad. There are rumours of a likely bonus issue from the non-banking finance company. Investors are also speculating that it is on the verge of obtaining a banking licence. Adding some amount of credibility to the speculation is the fact that it is strengthening its treasury by picking up talent from other banks. Four new bond dealers have joined the NBFC, a source said. The stock, however, closed at Rs 129.85 today, down 3.17 per cent from yesterday's close of Rs 134.10 on the BSE. While over 25 lakh shares were traded on the BSE, more than 39 lakh shares changed hands on the NSE.
Dinesh Narayanan
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