The Hindu Business Line : Buyers galore

Surge in global crude oil prices saw ONGC witness good volumes on the bourses on Wednesday. With crude oil having touched $40 a barrel, reportedly a 13-year-high, sentiment was bullish at the counter.

However, brokers said that the crude oil price hike had been factored in earlier. "In the last few trading sessions one could say that ONGC has been an outperformer, given the broad market trend. The inherent nervousness in the market has been serving as a dampener to the stock price. In a steady to bullish market it would have moved up much more sharply," a dealer said.

Word on the street was that funds were large buyers at the counter. Amongst those touted as supporting the stock were LIC, Goldman Sachs and Morgan. The stock has a 16 per cent weightage on the Nifty and 6 per cent on the BSE. The stock ended the day at Rs 837.90, up 1.29 per cent, with around 12 lakh shares traded.

Driven by `inclusion in MSCI'

Reports that stocks of Moser Baer, Ashok Leyland and IPCL will soon find a place in the MSCI Standard Index Series aided them in sustaining investor interest on the bourses. The stocks are to be included in the index from May 28. Two stocks coming out of the index are GlaxoSmithKline Consumer Healthcare and Global Telesystems. Moser Baer closed at Rs 236.10, up 2.83 per cent with around 1.8 lakh shares traded on the BSE. IPCL ended the day at Rs 166.95 with around 10 lakh shares traded on the BSE. Ashok Leyland closed at Rs 247.60, up 5.12 per cent with around 80,841 shares traded.

Up on value buying

Value buying saw the stock of Tata Steel witness huge volumes on the bourses on Wednesday. The stock has been dogged by concerns over China's decision to cool down its economy coupled with the current political nervousness.

Brokers maintain that the counter has recovered largely on account of bargain-hunting as a result of which the recently-battered stock, seemed to bounce back. The stock ended at Rs 315.70, up 2.73 per cent, with around 70.53 lakh shares traded on the BSE. On the NSE, the stock closed at Rs 315.75, up 2.78 per cent, with around 1.35 crore shares traded.

Deeptha Rajkumar

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