The Hindu Business Line : Buzz on top moves

While the grapevine has been hot with the news for a couple of days now, the person himself has reportedly denied it. The rumour, however, keeps surfacing in different forms. The hottest one suggests that he has been asked to resign because of some dealings with a big trader.

Institutional buying

LARGE institutional buying was spotted at the counter of Reliance Industries in the last half-an-hour, a dealer said.

According to him, a large foreign brokerage firm and a top domestic mutual fund were buying the company's shares in large quantities. The fund is said to have bought about four lakh shares.

Reliance shares closed 2 per cent higher at Rs 579.65. While about 33 lakh shares were traded on the BSE, nearly 60 lakh shares got traded on the NSE.

FIIs' favourite

FOREIGN institutional investors were very active in the stock of Industrial Development Bank of India, which is transforming itself into a universal bank, a market source said.

He said while the stock has been a favourite of one foreign brokerage house from very low levels, another one has also entered the counter at about Rs 45 levels.

With the economy firmly set on the road to recovery, several industrial segments such as steel, textiles, power and chemicals have begun to do well. The sickness in these sectors had been responsible to a large extent for IDBI's misfortunes. Pick-up in industrial activity is expected to help turn around some of the biggest non-performing assets in the institution's portfolio.

The IDBI stock rose nearly 11 per cent on Wednesday to close at Rs 63.85. While about 45 lakh shares were traded on the BSE, more than 80 lakh shares changed hands on the NSE.

Operator activity

STRONG operator activity was suggested at the counter of State Bank of India.

According to a market source, operators have been actively buying the stock for the past few days now. The buying appeared to have stopped after early trade on Wednesday.

Meanwhile, some large inter-FII transfers were also reported in the institutional window, a dealer said.

The stock, which has been on the rise over the past few sessions, closed Wednesday's trading at Rs 596.25, marginally lower than its previous close on the BSE. About 35 lakh shares were traded on the BSE and 67.5 lakh shares on the NSE.

Dinesh Narayanan

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