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Pivotals decline, Nifty down 17 points, 824.45

Prices of pivotals declined on selling pressure from foreign institutional investors at the National Stock Exchange today.

Reflecting the subdued trend, S&P CNX Nifty index opened at 838.85, touched the day's high of 843.55, fell to a low of 821.40 before closing at 824.45, showing a net loss of 17.30 points from the previous close of 841.75.

The CNX Nifty Junior drifted lower by 24.60 points to 1394.65, S&P CNX Defty declined by 15.50 points to 672.05, S&P CNX 500 and CNX Midcap 200 have also eased by 11.26 points and 8.61 points to 565.56 and 506.99.

About 277 scrips advanced, 659 declined and 106 remained unchanged. And 35 securities hit their price bands. The total turnover Rs 10.53 billion from trading in 53.2 million shares.

Satyam Computers recorded the highest turnover of Rs 1.35 billion, followed by ITC (Rs 1.16 billion), Reliance (Rs 1.03 billion), Pentafour (Rs 883.3 million) and Zee Telefilms (Rs 764.8 million).

Other actively traded scrips were Telco, SBI, HCL-HP, Tata Tea, Castrol, Tisco, Software Solutions Integrated and ACC.

The top gainers were Tata Tea, Smithkline, G E Shipping, Tata Power and HLL. The losers were IPCL, Telco, ICICI, Tisco and Ranbaxy. The FIIs were net sellers to the tune of Rs 245.3 million. The domestic institutional investors were net buyers with Rs 60.5 million.

The wholesale debt market of NSE witnessed trades worth Rs 2.37 billion. The zero coupon government bond maturing in 2000 (Series III) was traded for Rs 300 million at a weighted yield of 11.33 per cent. The 11.40 per cent government loan maturing in 2000 was traded for Rs 350 million at a weighted yield of 11.33 per cent the commercial papers of ACC. And Telco maturing on January 6, 1999 were traded for Rs 50 million each at a yield of 10.10 per cent and 10.40 per cent respectively.

UNI

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