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FIIs, domestic FIs sell; prices decline; Nifty down 4.5 points, 867.25

After initial gains, prices declined marginally towards the end on speculative selling at the National Stock Exchange today.

Mirroring the downtrend, the S&P CNX Nifty opened at 871.70 points rose to the high of 877.25, eased to the low of 865, and closed 4.50 points lower at 867.25 points. The CNX Nifty Junior also lost 4.55 points to 1442 points from 1446.55 points of the previous day.

S&P CNX Defty edged down by 3.70 points to 709.80 points and S&P CNX 500 declined by 3.95 points to 588.54 points. The CNX Midcap 200 also moved down by 0.48 points to 519.57 points.

Total turnover in 199,289 trades, involving 67.21 million shares, was Rs 13.20 million and the turnover in debentures was Rs 3.55 million.

About 442 securities advanced, 520 declined and 106 remained unchanged. And 25 scrips hit their price bands today.

Foreign institutional investors and domestic institutions were net sellers today and reported net sales worth Rs 20.3 million and Rs 24.2 million respectively.

The top gainers were: Glaxo India Rs 568.90 from Rs 536.85, Tisco Rs 92.10 (88.80), Hero Honda Rs 571 (554.20), Tata Tea Rs 311.15 (305.70) and Telco Rs 141.10 (139.65).

The top losers were HPCL Rs 260.25 from Rs 272, Orient Bank Rs 40.20 (41.70), Indian Rayon Rs 108.75 (Rs 112.30), HDFC Bank Rs 55.80 (Rs 57.50) and ICICI Rs 51.65 (Rs 53.10).

Reliance registered the highest turnover of Rs 2.30 billion, followed by ITC (Rs 1.72 billion), SBI New (Rs 1.03 billion), Satyam Computer (Rs 986.5 million), Pentafour Software (Rs 980.7 million), Zee Telefilms (Rs 655.5 million), Telco (Rs 636.3 million), Tata Tea (Rs 518.5 million), Tisco (Rs 469.2 million), Glaxo (Rs 359.4 million), Castrol (Rs 347.8 million), MTNL (Rs 336.3 million) and HCL-HP (Rs 212.4 million).

The other actively traded counters were: L&T (Rs 202 million), Dr Reddy's (Rs 171.4 million), ACC (Rs 169.1 million), Bayer India (Rs 156.7 million), BHEL (Rs 134.8 million), Sterlite (Rs 108.7 million), LML (Rs 76.7 million), HPCL (Rs 69.7 million), Hindustan Lever (Rs 69.1 million), Hindalco (Rs 64.7 million), ICICI (Rs 62.4 million) and Bajaj Auto (Rs 55.9 million).

The wholesale debt market of the NSE witnessed trades worth Rs 3.97 billion. The 11.40 per cent government loan maturing in 2000 was traded for Rs 600 million at a weighted yield of 11.35 per cent. The zero coupon government bond maturing in February 1999 was traded for Rs 300 million at a weighted yield of 9.36 per cent.

The 91-day treasury bill maturing on December 12, 1998 was traded for Rs 450 million at a weighted yield of 8.68 per cent. The zero coupon debenture of Reliance Capital Limited maturing in 2002 was traded for Rs 50 million at a yield of 15.92 per cent. The total turnover in debenture was Rs 30.21 million.

UNI

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