The Hindu Business Line : IndusInd Bank up on merger hopes

THE proposed merger between Bank of Punjab and Centurion Bank is expected to have an unlikely beneficiary. The other mid-sized private bank IndusInd Bank is entering the ante of investors who are hoping for a similar deal for the bank.

Dealers say that the interest in the stock has increased this week. Even though there are no indications as to a possible merger partner, the market is viewing the bank's future to trail the same path as that of Centurion Bank.

The IndusInd Bank stock touched an intra-day high of Rs 70.55 on the NSE before ending at Rs 70.05. Over 14.5 lakh shares, worth Rs 10 crore, were exchanged.

The stock has posted a return of 13 per cent in June. The bank is expected to announce its results on Thursday.

Sakthi Sugars: Operators buying props it up

THE stock of Sakthi Sugars has been active on the bourses this week. Dealers say that operators are moving the stock up and there are no fundamental or news based triggers for the sudden movement. With the stock touching intra-day high of Rs 80.95, it is crawling towards its 52-week high of Rs 84.90, which it had touched in March.

The stock has been moving on above average volumes. Total turnover on the BSE was Rs 9.6 crore on Tuesday and over Rs 7.5 crore on Wednesday.

The stock gained close to 21 per cent during last month.

Dealers say that the stock might not have a further upside in the short term unless there are news related triggers.

Choppy outlook

WITH the June contracts expiring on Thursday, dealers say that the markets are likely to be choppy for the rest of the week. While there are no impending triggers, many fund houses and investors are anticipating some bearishness. This is primarily due to the significant run up that has happened in the last 10 days.

Analysts say that though there are no clear indications of when it is likely to happen, they are prepared for the markets to move down to 6500-levels in the Sensex. Tuesday's fall of over 100-points in the Sensex was viewed as necessary correction and expectations were that the markets could correct further on Wednesday.

Since, the markets gained strength from mid-morning on Wednesday, analysts are cautious about predicting any trends for the short-term.

Veena Venugopal

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