Heard On The Street

Today's session has bought some smiles on the faces of the dealers and investors. The markets in today's session has erased all the losses and has managed to close in green recovering more than 550 points from the day's low. However, we believe that this cannot be done without some specific buying in counters backed by some big institutions.

According to our sources, what has came out is that grand daddy of the Indian markets have once again come to the rescue and have tried to save the face of the government. The name that we are referring to is the insurance behemoth Life Insurance Corporation of India (LIC).

This is not the first time that this institution has come to the rescue of the markets. This has happened earlier too and has happened this time also. The buying orders from LIC has also prompted other  domestic institutions to come out with buy orders. One of the dealer demanding anonymity has said that "today there are buying by LIC across the counters and when this came to light other institutions followed too. Buying has been seen in IT, Metals and Power counters."