The Hindu Business Line : Limited upswing

AFTER witnessing a sharp rise over the last few days, the counter of public sector bank Oriental Bank of Commerce (OBC) has been on the downslide. And no, there is no adverse news about the bank or poor financial results.

Dealers said the FII limit in the bank has increased to 18 per cent and the maximum permissible limit is 20 per cent, and fresh purchases would slow down in the counter. Some of the leading market players that entered the stock at lower levels are believed to be selling in the counter on this account.

On Tuesday, the stock of OBC was down by 1.85 per cent at Rs 330.70 on the BSE, with volumes of 3.04 lakh shares; on the NSE, it closed at Rs 330.90, down 1.80 per cent, with volumes of 12.51 lakh shares.

Homing in

DESPITE financial results of Zee Telefilms being below the market expectation, the stock is on the up.

If market talk is to be believed, around 10 lakh shares were bought by an FII on Tuesday through a domestic broking firm. This firm is aggressively advising its clients to invest in the shares of Zee. The main factor for this is the company's foray into Direct to Home (DTH), a business that is competition to cable TV in India. Dealers said the company is very active on the development of the DTH business, and some of the insiders believe the company could turn DTH business the way it had the satellite TV business a decade ago.

On Tuesday, the stock of Zee gained 5.60 per cent to Rs 146.10 on the BSE, with volumes of 16.57 lakh shares. On the NSE, it closed at Rs 146.10, up 5.64 per cent, with volumes of 39.84 lakh shares.

In the grip of poll fever

ELECTION season is seeing most of the big market players moving out of the market. This is also the reason for the market to remain flat and witness declining volumes.

According to the grapevine, the markets are likely to move in a narrow range since these big players are out of the market. Even the increased inflow of FII money has not been able to push the stock prices due to lack of interest by these players.

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