The Hindu Business Line : Sell shock

THE stock of Polaris Software Lab was hammered on Thursday by a sudden sell-off from a couple of operators who had been building long positions over the past several sessions, according to a market source.

When the stock was moving up over the past few days, it was speculated that the Chennai-based company was being targeted for a takeover. Today, it came under some heavy selling pressure after 3 p.m., tumbling from the day's high of Rs 210 to about Rs 187.

However, it closed higher at Rs 191.60 on the BSE with a trading volume of 36.37 lakh shares. Nearly 95 lakh Polaris shares changed hands on the NSE.

Tentative steps

AFTER staying away for a fairly long time, retail investors are said to be making a re-entry into the stock market. According to a BSE broker who caters only to retail investors, many of his clients are now buying mid-cap stocks such as GE Shipping, which is now about Rs 50 off its year-high.

The stock closed nearly 13 per cent higher at Rs 124.65 on the BSE with 4.63 lakh shares traded. Nearly 9.5 lakh shares were traded on the NSE.

FII play

A PROMINENT foreign institutional investor (FII) is accumulating the stock of stand-alone refinery company, Kochi Refineries Ltd, according to the market grapevine.

A dealer said that the FII appears to be active at the counter for the past few sessions. The stock closed marginally higher with good volumes at Rs 181.55 on the BSE. While 50,145 shares were traded on the BSE, about 1.3 lakh shares were traded on the NSE.

Dinesh Narayanan

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