Financial Daily from THE HINDU group of publications
Wednesday, Jan 21, 2004
Financial Daily from THE HINDU group of publications Wednesday, Jan 21, 2004 |
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Markets
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Stock Markets Columns - Ear to the ground GAIL under FII drilling
THE GAIL (India) stock has seen a sharp fall in the last few days. Dealers said the selling was mainly from a leading FII. Talk in the market is that this FII had recently bought a large quantity of the company's GDRs, which are now being converted into local shares and sold in the market. The FII started selling in the market since the stock crossed over Rs 300 mark, earlier this month. If the market talk is to be believed, the selling in the counter is expected to be over in the next couple of days and most of the market players are waiting for this in order to make fresh purchases. The stock closed at Rs 217, down 5.88 per cent on the BSE with volumes of 52.59 lakh shares; on the NSE, it closed at Rs 218.25, down 5.66 per cent with volumes of 1.23 crore shares.
Number hopes At a time when there is concern in the market over the sluggish results by IT companies, Wipro is likely to surprise with good financial performance. The company announces its results on Wednesday. The market talk is that the company is likely to report a net profit of around Rs 265-Rs 267 crore for December quarter compared with Rs 221 crore in the corresponding quarter last year. Even on sequential basis, the results are likely to be good. For the last quarter, the net profit was Rs 215 crore. Dealers said on the back of this expectation, several players bought Wipro on Tuesday and due to their support, the stock's fall was much lower than other leading IT companies. Wipro closed at Rs 1,714.25, down 1.23 per cent on the BSE with volumes of 2.44 lakh shares. On the NSE, the stock closed at Rs 1,717.85, down 0.97 per cent with volumes of 5.27 lakh shares.
Hedge funds sell index THE sharp fall of over 100 points in the BSE Sensex in the last half hour of trading surprised most market players. The fall was mainly due to selling in Sensex and Nifty by several hedge funds based in London. Selling was done through two leading foreign broking firms. These funds are also understood to have sold large quantities of Nifty futures.
Virendra Verma
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