The Hindu Business Line : Entrapped

Investors, many of whom had secured shares from the primary market, were trying to sell IGL shares at higher levels and buy the stock of its parent GAIL (India) instead.

However, operator activity ensured that while IGL stock lost ground, GAIL shares shot up to set a New Year high of Rs 312.80 apiece. The opposite moves of the two stocks trapped many investors who tried the `swap'.

Even though the GAIL stock gave up some of the gains in late trade, IGL too fell sharply shutting the exit to many. The stock that closed the day nearly 7.5 per cent lower at Rs 137.40, had hit a high of Rs 165 immediately after debuting on the exchanges recently.

More than 30 lakh shares were traded on the BSE and a little over 71 lakh shares were traded on the NSE. GAIL shares closed at Rs 297.40, or 4.5 per cent higher than their previous close. Trading volumes stood at 52 lakh shares and 1.5 crore shares on the BSE and NSE, respectively.

Active buying on number hopes

INSTITUTIONAL investors, both domestic as well as foreign, were actively buying the stock of technology leader Infosys Technologies on Monday.

The software provider is set to unveil its third quarter performance on January 9. According to the market grapevine, the company is expected to show excellent numbers for the quarter. Many investors are expecting a sharp rally in the counter.

The Infosys stock closed at Rs 5,892 per share, up about 4 per cent from its previous close on the BSE. While trading volume stood at 1.42 lakh on the BSE, it stood at 3.87 lakh on the NSE.

Basking in ties

THE thaw in India-Pakistan relations has had its share in giving a leg-up to the stock market.

One share that has basked in the warmth of improving ties is that of Jammu and Kashmir Bank. One of the most sought after among banking sector shares, investors, mainly institutional, were merrily shopping for the stock on Monday.

According to a research report on the bank by a Mumbai broker who has been recommending the stock, it is the fastest growing private sector bank. The stock closed at Rs 399.70, about 1 per cent higher than its previous close. A little over three lakh shares were traded on the BSE and NSE together.

Dinesh Narayanan

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