The Hindu Business Line : Gains on value picking

AFTER the run up in public sector banks, it is the turn for smaller private sector banks. Among the list is Bank of Rajasthan - which is being bought by a section of the market over the last few days. The talk is that the bank has come out of its problems and is expected to show good working in the current financial year. In the last few quarters, its financial performance has improved and this has also brought interest in the counter. Also, the buzz is that the bank could be on the radar of some of the bigger banks for acquisition.

Currently, several banks are on the lookout for acquisition and the bank has good presence in Rajasthan. On Friday, the stock gained 2.67 per cent at Rs 51.95 on the BSE with volume of 24.14 lakh shares; On the NSE it closed at Rs 52, up 2.46 per cent, with volume of 50.30 lakh shares.

Boosted by FIIs buying

AFTER the run-up in the stock price of Bharti Teleservices, market players have turned bullish towards Tata Teleservices (Maharashtra) counter. If the market talk is to be believed several FIIs are understood to have started buying into the stock. One factor for this interest is that the FII limit in Bharti Tele Services had almost touched the maximum permissible limit and so they are turning towards Tata Teleservices. In addition, the company has been performing well in Maharashtra with good subscriber base. Some of the big FIIs that have bought large quantities of shares of Bharti are understood to have bought the shares of Tata Teleservices in the last couple of days.

On Friday, the stock gained 6.73 per cent at Rs 22.20 on the BSE with volume of 48.65 lakh shares and on the NSE it closed at Rs 22.15, up 6.75 per cent, with volume of 1.39 crore shares.

Index selling affects sentiment

BSE Sensex and NSE's Nifty on Friday opened sharply lower in the morning. Dealers said there was basket selling within few minutes of opening from few hedge funds. These hedge funds sold the indices ahead of the final phase of the polls. The heavy selling in the morning affected the market sentiment towards the closure.

Virendra Verma

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