The UTI Bank stock was the major gainer of this announcement as it was locked in upper circuit of 8 per cent throughout the day. While GTB rose marginally with volumes rising by more than 100 per cent and combined volumes at BSE-NSE taken together surpassed 12 lakh shares mark.

GTB stock opened firm in the morning with a gain of 8 per cent gain at Rs 101.45 against previous close of Rs 93.95. It was defreezed after the cooling period and surged ahead close to its 52-week high level of Rs 113.85 at Rs 108.95 but attracted profit booking and closed the day at Rs 99. It closed at Rs 98 at NSE.

Interestingly this counter attracted historically record volumes which was 12,08,723 shares combined together at BSE-NSE.

UTI Bank counter also remained locked in upper circuit of 8 per cent for the whole day as it opened firm at Rs 50 and was locked at Rs 53.80. It surpassed its 52-week high of Rs 49.85 at BSE and Rs 50.05 at NSE. This counter clocked combined turnover of 2,73,880 shares. Marketmen said the volumes were thin in this counter against Wednesday's 5 lakh shares as this stock was locked in the upper circuit through out the day.

Analysts attribute the rise in huger volumes and the prices as shareholders of both the banks are going to be benefited. They say private sector banks which are on a high speed growth trajectory over the last several years.

They are keen to develop nation wide presence. The merger is, therefore, a step towards taking care of this drawback that private banks face vis a vis the public sector banks.

They said building a network is time consuming process. so the quickest way of growing is to scheme up a merger or acquisition.