NEW DELHI: Even as equity market was reflecting cautious sentiment, shares of Dena Bank (up 19.81 per cent), Indian Overseas Bank (up 11.30 per cent) and Corporation Bank (up 10.53 per cent) zoomed over 10 per cent on NSE in Tuesday's session.Shares of Dena Bank surged after the government proposed the merger of three banks Bank of Baroda, Vijaya Bank and Dena Bank aimed at creating the countrys third-biggest lender.
The boards of the three banks will now consider the proposal.
Stocks such as Bajaj Hindusthan Sugar (up 9.80 per cent), MMTC (up 7.62 per cent), UCO Bank (up 7.46 per cent), Nalwa Sons Investments (up 7.13 per cent), United Bank of India (up 6.99 per cent), Bank of Maharashtra (up 6.37 per cent) and MTNL (up 6.37 per cent) were trading over 6 per cent higher around the same time.
The NSE Nifty index was trading flat at 11,375, while the BSE Sensex was up 25 points at 37,611 around 10:10 am.
Among the 50 stocks in the Nifty index, 23 were trading with gains, while 27 were suffering losses.
Hindustan Unilever, Dr.
Reddy's Laboratories, YES Bank, UPL and Sun Pharmaceutical Industries were among the top gainers in the Nifty index.Vedanta, PowerGrid, Tech Mahindra, Tata Motors and Indiabulls Housing Finance were among the top losers in the Nifty pack of stocks.