Karnataka Bank fancied by Big Hammer

STREET SIGNS

Come hell or high water, the current grip of bulls on the markets looks unlikely to loosen anytime soon. On a day when the rains hit back with a vengeance, it was the bulls who walked away with the honours, at least those who didn't mind getting wet in the process.

Banking on banks
The recent buzz has it that funds from Japan and Taiwan have been ruling the roost at the bourses. However, never for a moment think that the Westerners have had enough of buying Indian equities. Big Hammer fund is one of those which has been active throughout the rally beyond 7,000.

While the fund's interest has spanned across many counters, its recent focus seems to be on Karnataka Bank. Not satisfied with its purchases at the counter last week, Big Hammer made another foray into the counter, this time picking up the stock at Rs 126 levels.

Chartists, who seem to be befuddled at the rise in the stock price over the past few sessions, have declared that the stock has broken out of its previous resistance level of Rs 123 and are now backing the stock to go all the way upto Rs 140.

No mean TASC
Interest seems to be building up in the TASC Pharmaceuticals stock. Desi Bye Bye fund is said to buying into the stock at Rs 263 levels.

TASC Pharmaceuticals was in news after it amalgamated its operations with Glenmark Laboratories to form a combined entity that will have a presence in the entire pharmaceutical value chain. The combined entity is valued at Rs 1,200 crore. Emerging Fund was said to be a seller at the counter at Rs 257.

Investing Smart
Castro fund was a buyer at debutant IL&FS Investsmart counter. The fund is said to have bought more than two lakh shares at Rs 177 levels. The stock made its debut at the bourses last week and immediately made its presence felt.

It opened at Rs 183.25, a premium of 31.80 per cent to its issue price of Rs 125. And what is more the stock soared to an intra-day high of Rs 200 before easing off a bit.

According to those in the know, the company has good potential, since it is one of the leading players in the financial services business, which is expected to witness good growth over the next few years.

Prudent gets wise
Meanwhile Prudent Fund decided to sell off its holdings in consumer goods stock Videocon International. Prudent is said to have sold more than four lakh shares at Rs 74 levels.

Considering the fact that the stock has seen a big rise in the past year, along with other consumer goods stocks such as Titan Industries and Blue Star, Prudent's decision seems to be a wise one indeed.