The Hindu Business Line : Bonus hopes spur buying interest in Tata Steel

THE counter of Tata Steel was among the major gainers from index stocks. The stock price of the steel major gained 5.91 per cent at Rs 315 on the BSE with volume of 59.09 lakh shares and on the NSE it closed at Rs 315.45, up 5.84 per cent with volume of 1.19 crore shares.

Volumes in the counter were also high on Friday compared to trading in the previous few sessions. Dealers said there was active buying in the shares of the company ahead of the board meeting on Monday for bonus issue. The market talk is that the company is to issue bonus shares in the ratio of 3 shares for every 5 shares or one share for every two shares held. There was also buying from new FIIs that have entered the Indian market last month.

FIIs keen on power PSU

PUBLIC sector Bharat Heavy Electrical Ltd (BHEL) stock was another index stock to witness active buying on Friday.

Dealers said the major buying in the stock was from FIIs. The stock of BHEL has seen sharp fall in the last few days and these FIIs were mainly doing value buying. If the market talk is to be believed several FIIs are bullish on the counter as the company has good order positions.

In addition, the total outstanding positions in the futures market have also come down and several market players have gone long on BHEL Futures.

On Friday, the stock price of BHEL gained 5.43 per cent at Rs 470.95 on the BSE with volume of 13.64 lakh shares and on the NSE it closed at Rs 468.80, up 54.70 per cent, with volume of 14.56 lakh shares.

A day of block deals

IT was a day of block deals in several counters. Among the list of the stocks in which block deals witnessed were Maruti, HDFC, Bharti Tele Ventures, Concor and others.

Dealers said all these deals were among the FIIs. In these stocks buyers were several FIIs, but the seller was a Holland-based FII. If the market rumours are to be believed, the value of these block deals was around Rs 300 crore. The talk is that there is churning of portfolio among the FIIs with new ones buying the shares and the older ones exiting.

Virendra Verma

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