Dalal Street operators caught in bear hug
Retail investors and traders are not the only ones who burnt their fingers in the recent market fall. The bear hug has rattled some large stock market operators and they’ve been scurrying to square off their positions in the past couple of weeks.
Stocks associated with various operators have plunged in recent days amid the sell-off in the broad market, which resulted in the Bombay Stock Exchange’s mid-cap index slipping below the 200-day moving average at 6,480, a bearish sign.
CORE Education, Welspun Corp and ABG Shipyard, whose past movements have been linked to an operator banned by the market regulator, were at the receiving end yesterday. Today, it was the turn of shares whose activity is associated with a known Ahmedabad-based operator. Aqua Logistics, Gravita India, PG Electroplast, Sudar Industries and Onelife Capital were among those which plunged 20 per cent. The sudden dive in all these happened around the same time -” between 10:45 and 11 am.
For more visit: Business Standard
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