Business Daily from THE HINDU group of publications
Wednesday, Jan 23, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Wednesday, Jan 23, 2008 ePaper | Mobile/PDA Version |
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Stock Markets Markets - Stock Markets Columns - Ear to the ground The market rumour mill never closes shop, but generally spares sacred cows. The RBI is one such hallowed institution, which seldom figures in the Dalal Street talk-circles. However, desperate situation, perhaps, demands desperate name-dropping. Reeling under severe liquidity crunch during the mid-session, many in the market clung onto the welcome but unconfirmed news that the RBI has instructed PSU banks to loosen their purse string a bit. Coincidentally, a recovery did come about afterwards. However, Business Line queries to several bankers could only fetch vehement denials. A channel aired the ‘news’ late in the afternoon too. It may have acted like a placebo for some retail investors, who had the money, but never a heart to catch the falling knife. As in the later part of the afternoon market recovered from the intra-day low, scores of small investors thanked the RBI for its supposed initiative in easing liquidity. According to sources, some of the state-owned banks, LIC, GIC and UTI have bought shares in the afternoon as part of the normal treasury operations. According to provisional NSE figures, domestic institutional investors pumped in a total of Rs 2,779 crore. But, the FIIs were sellers to the tune of Rs 4,265 crore. Jayanta Mallick More Stories on : Stock Markets | Stock Markets | Ear to the ground
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