Surprise winner in falling market: HFCL

Though the benchmark Sensex tanked by 192 points, HFCL was a surprise gainer on the stock exchanges. The HFCL stock shot up by a whopping 8....

Though the benchmark Sensex tanked by 192 points, HFCL was a surprise gainer on the stock exchanges. The HFCL stock shot up by a whopping 8.30 per cent to Rs 24.15 on the National Stock Exchange (NSE) on Wednesday.

Interestingly, the rise came with a huge volume of 5.15 crore shares. “There was interested buying in HFCL counter. Otherwise, the stock would have crashed,” said an NSE dealer.

The HFCL had shot up by 40.3 per cent since December 28, 2004. “A broking firm whose suspension was lifted recently was recommending this scrip in the market,” said a market source, adding, “the huge volume in the stock is suspicious.”

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HFCL had made waves in 2000 when the scrip shot up to a dizzy height of Rs 2,500. It was part of K-10 stocks in which Ketan Parekh was active. Many investors had lost money in HFCL and other infotech stocks in 2000-01. Some are holding shares purchased above Rs 2000 even now.

The free-falling Sensex took a massive toll on investors’ wealth in a single day, with the aggregate market capitalisation (m-cap) on the Bombay Stock Exchange (BSE) declining by a whopping Rs 56,977 crore (-3.49 per cent) on Wednesday, from the level of Rs 16,34,432 crore on January 4 to Rs 15,77,455 crore on January 5.

The market capitalisation of BSE’s A group alone tanked by almost Rs 49,540 crore (or 3.45 per cent) from Rs 14,34,224 crore to Rs 13,84,684 crore.

Krishnamurthy Vijayan, CEO, J M Mutual Fund said: “The market had gone up substantially over the last one month, and a correction was to be expected.

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