we are bullish
No one has no idea why the market is falling when FIIs, domestic institutions, the retailers and analysts are all bullish on India and are gung-ho on the growth story. The chief told me to get the FII view point. I met Bhat, the country head of a leading FII some time back at his plush office in Nariman Point. Bhat was staring at the BOLT and welcomed me with a huge hug and lifted me and dropped. I crashed like the Mexican currency. Getting up I sat next to him.
Bhat told me “India oh! What a country! It is the best emergency market in the whole of Asia. Yes, we are bullish on India. Very… very bullish.”
“Good to know that.” I said. “Which are the scrips you’re bullish about?”
Bhat replied “We are bullish on everything. Take State Bank for instance. What an infrastructure and what a massive institution! There is no share like it even in Wall Street. At Rs.1,400 it is going dirt cheap. Everyone should have it.”
Bhat looked at the BOLT and placed a huge sell order pressing the F6 key and cleared off the entire buyer clan from 1,397 to 1,250 in one stroke. “Let them all have it “He said with a smile on his face.
Bhat adjusted his collar and went on “Reliance is another stock that looks ripe for a pluck at Rs.2,245. The saying goes that whether you’ve a wife or not you should have Reliance. And if you have both Reliance and wife you don’t require kids. Reliance will keep begetting more Reliance and you may have no place for anything else in the house.”
I scribbled on my note pad ‘FIIs bullish on Reliance.’ Bhat punched 5 lakh shares sell order of Reliance and drove away all the buyers. The share crashed to 2,080 level.
Bhat ordered a Hayward 2000 beer and continued “One company that never ceases to amaze me is TISCO. It is appalling to see the share languishing at 820. At Wall Street, we would have sold our membership card to buy a stock like TISCO. No price is high for this TATA Company.”
I nodded.
Bhat pressed the F6 key and off loaded 8 lakh shares of TISCO at market rate. The buyers vanished out of sight as the share plunged to Rs.775. The beer arrived.
He took a gulp and continued “What can one say about Bombay Dyeing. A great realty cum hospitality play from the stable of Wadias, it has no parallel. When you buy Bombay Dyeing, your are buying the 100-year old legacy of Wadias. At
Rs.750 it is the cheapest stock on this side of the sun.”
I wrote down ‘FIIs are hot on Bombay Dyeing.’
Bhat played piano on the BOLT keys and knocked Bombay Dyeing out of the screen. The price crashed to Rs.660.
“They say FIIs get a kick every time BHEL’s name is uttered.” I said.
Bhat removed his specs and rubbed his eyes. “BHEL is a 24-carat gold. One can keep buying and never get tired of it. Rs.1,800 is a small price to pay for it.”
‘FIIs are crazy over BHEL.’ I noted down. Bhat took a hammer and banged it on F6 key and sold 2% equity of BHEL’s equity in one go. The price tottered to Rs.1,400/-. The buyers disappeared out of sight.
Finally I got up to go. I told Bhat “I don’t understand this. You say FIIs are bullish on India. And here I see you are hammering the prices continuously down.”
Bhat put his arm over my shoulder and said “We are just making a token sale of 5 lakh to 8 lakh shares to get conversant with the BOLT keys. The prices are falling because UTI is dumping 25,000 shares every day.”
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