Heard on the street: Punters game for big play on IFCI counter
IFCI is turning out to be one such stock which operators turn to for a quick buck in uncertain market conditions.
By ET Bureau |
Punters game for big play on IFCI counter
Who says defensive stocks belong only to the fast moving consumer goods (FMCG) and pharmaceutical sectors? If a handful of influential market participants get together, they can confer that tag to any stock of their choice, or so it appears.
IFCI is turning out to be one such stock which operators turn to for a quick buck in uncertain market conditions. The stock has been a happy punting ground for day-traders, operators and short-term institutional players right for some years now.
It is usually a safe haven for bull traders who take up positions and spread rumours about favourable government policies. By the time smaller players realise they have been taken for ride, the big fish have already cashed out. This has been the pattern at the counter for at least three or four times a year since 2007.
The latest buzz is that IFCI will be granted a banking licence in a few days. Volumes in the stock have surged in the past couple of sessions, with nearly 4 crore shares being traded on the National Stock Exchange ( NSE) alone.
The stock held firm in a falling market to close at Rs 57.80, up 1.5% over the previous close. Either the smaller punters are being set up for the kill, or the big boys are accumulating shares on privileged information.
HPCL may find pride of place in Nifty, again
What goes round comes around, and this seems especially true of some of the stocks that form the benchmark indices. Speculation is that the renewed interest in oil marketing shares could eventually lead to a higher weightage for the segment in the Nifty.
Hindustan Petroleum (HPCL), which was excluded from the index in 2007, is being talked of as one of the possible entrants. If the stock does manage to re-enter the Nifty, it will become the second company since Hero Honda to achieve that distinction.
However, some market players are sceptical if HPCL will be able to regain its place, since the oil sector is already well represented in the index by Reliance Industries, ONGC, Cairn and Bharat Petroleum.
(Contributed by Santosh Nair)
Who says defensive stocks belong only to the fast moving consumer goods (FMCG) and pharmaceutical sectors? If a handful of influential market participants get together, they can confer that tag to any stock of their choice, or so it appears.
IFCI is turning out to be one such stock which operators turn to for a quick buck in uncertain market conditions. The stock has been a happy punting ground for day-traders, operators and short-term institutional players right for some years now.
It is usually a safe haven for bull traders who take up positions and spread rumours about favourable government policies. By the time smaller players realise they have been taken for ride, the big fish have already cashed out. This has been the pattern at the counter for at least three or four times a year since 2007.
The latest buzz is that IFCI will be granted a banking licence in a few days. Volumes in the stock have surged in the past couple of sessions, with nearly 4 crore shares being traded on the National Stock Exchange ( NSE) alone.
The stock held firm in a falling market to close at Rs 57.80, up 1.5% over the previous close. Either the smaller punters are being set up for the kill, or the big boys are accumulating shares on privileged information.
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HPCL may find pride of place in Nifty, again
What goes round comes around, and this seems especially true of some of the stocks that form the benchmark indices. Speculation is that the renewed interest in oil marketing shares could eventually lead to a higher weightage for the segment in the Nifty.
Hindustan Petroleum (HPCL), which was excluded from the index in 2007, is being talked of as one of the possible entrants. If the stock does manage to re-enter the Nifty, it will become the second company since Hero Honda to achieve that distinction.
However, some market players are sceptical if HPCL will be able to regain its place, since the oil sector is already well represented in the index by Reliance Industries, ONGC, Cairn and Bharat Petroleum.
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There is also speculation of some stocks being excluded from the Nifty, with Suzlon Energy topping the list of probables. The stock on Thursday has the least weightage in the Nifty, with market capitalisation down 85% from its peak of Rs 65,459 crore seen in January 2008.(Contributed by Santosh Nair)
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