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Pivotals surge ahead

Pivotal prices surged ahead on good buying support from financial institutions and short covering by bear operators on the National Stock Exchange on Friday.

NSE-50 index opened at 994.85 points, touched the day's high of 1,014.50, low of 990.40 and closed at 1,005.75 points, showing a net gain of 10.60 points as against its previous close of 995.15 points.

Midcap index closed at 1,152.00 points over the last trading of 1143.55 points, gaining 8.45 points. The total turnover rose to Rs 22.73 billion involving 66.2 million shares.

ITC registered the highest turnover -- Rs 15.22 billion. It was followed by SBIN (Rs 1.56 billion), Tata Tea (Rs 1.36 billion), Reliance (Rs 1.11 billion), Tisco (Rs 473.5 million), Castrol (Rs 467.9 million), ACC (Rs 301.6 million), Hind Lever (Rs 268.2 million), MTNL (Rs 181.1 million), Telco (Rs 163.2 million), HPCL (Rs 130.3 million), Bajaj Auto (Rs 127.4 million), Satyam Comp (Rs 122.7 million), Bhel (Rs 101.9 million), Softsolint (Rs 88.9 million), Infosystch (Rs 74.3 million), L and T (Rs 71.5 million), ICICI (Rs 55.6 million), Hero Honda (Rs 53.7 million), LML (Rs 46.6 million), BSES (Rs 33.1 million), Bankbaroda (Rs 30.5 million), Ponds (Rs 28.2 million), P&G (Rs 27.8 million) and Pentsfware (Rs 27.1 million).

The top gainers were ITC, Mahindra & Mahindra, HPCL, Rel Petro and Glaxo. The losers included Tisco, Essar Steel, Thermax, Ashok Ley and ICICI.

The NSE's wholesale debt market witnessed trades worth Rs 2.41 billion. The 11.55 per cent government loan maturing in 2002 was traded for Rs 300 million at a weighted yield of 10.35 per cent.

The 11.19 per cent loan maturing in 2005 was traded for Rs 250 million at a weighted yield of 10.69 per cent.

The commercial paper of Grasim, maturing on January 21, 1998, was traded for Rs 150 million at 8 per cent.

The 364 days treasury bills maturing on October 9, 1998 was traded for Rs 200 million at a weighted yield of 7.78 per cent.

UNI