Bull cartel laps up Infosys shares

An operator cartel comprising a large i-banker, a bull operator and his guru and a large corporate-promoted fund house were seen buying shares of Infosys in large numbers. According to an institutional dealer, the group had long back decided to put its weight behind Infosys if it reported good numbers in the second quarter.

With Infosys reporting a near 10% growth in second quarter profits, the cartel may build huge positions on the stock for some more time. "The cartel is trying to pull the market by buying Infosys, which has 9.3% weightage on the Sensex," the dealer said, adding, "L&T and RIL are other stocks that are on the immediate coverage list." Shares of Infosys ended 7% higher at Rs 2,680.50 on the BSE on Wednesday.