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Scrips slip on FII hectic selling; Nifty 906

Pivotals declined sharply on hectic selling by the foreign institutional investors and absence of domestic institutions on the National Stock Exchange in Bombay today.

Standard & Poor's CNX Nifty opened nearly steady at 930.80 points, it then gradually declined to record day's low of 903.5 points before closing at 906.00 points, suffering a net loss of 25.40 points as against the previous close of 931.40 points.

The CNX Nifty Junior finished at 1427.70 points decreasing 22.75 points over the last trading day's close of 1450.45 points.

S&P CNX Defty closed at 737.8 points losing 20.9 points as compared to previous close of 758.70 points. S&P CNX 500-Equity Index settled down at 606.14 points as against the last Friday's close of 621.70 points losing 15.56 points. CNX Midcap 200 index closed at 513.02 points over the last closing of 524.15 points declining 11.13 points.

The total turnover on the exchange was Rs 10.35 billion involving 348.98 lakh shares in 136,658 trades. The debenture traded value was Rs 2.23 million.

There were 231 scrip advances, 705 declines and 72 steady items.

The FIIs' turnover (provisional) declined by Rs 94.39 million. FIIs bought Rs 129.88 million value of shares and Rs 224.28 million shares. However, FIs/MFs net value increased by Rs 57.40 million. FIs/MFs purchased Rs 764.88 and sold 19.08 million value of shares.

The top gainers were BPCL that rose to Rs 320.05 from Rs 320 and MTNL increased to Rs 211.50 from Rs 211.45. Losers were Colgate thay declined to Rs 234.80 from Rs 255.20, GE Shipping came down to Rs 26 from Rs 28.15, M&M to Rs 144.45 from Rs 155.65, Nestle to Rs 417.95 from Rs 443.55 and ITC to Rs 600.95 from Rs 636.55.

ITC registered the highest turnover of Rs 2.79 billion followed by Satyam Computers Rs 1.93 billion, Zee Telefilms Rs 702.4 million, SBI Rs 671.5 million, Tata Tea Rs 371.9 million, Hindustan Lever Rs 307.6 million, Reliance Rs 294.9 million, Castrol Rs 291.5, Pentafour Software Rs 287.5 million, ACC Rs 257.3 million, Infosys Technologies Rs 242 million, Dr Reddy's Rs 170.2 million, L&T Rs 157.1 million, BFL Software Rs 145.5 million, MTNL Rs 136.1 million, Telco Rs 127.8 million, Nestle Rs 105.5 million, Tisco Rs 94.8 million, Britannia Rs 84.5 million, Silverline Rs 77.2 million, BHEL Rs 70..4 million, Digital Equipment Rs 57.3 million, Bajaj Auto Rs 53.4 million, HCL-HP Rs 45.7 million and Bata India Rs 39.1 million.

The wholesale debt market of NSE witnessed trading worth Rs 3.18.24 billion. The zero coupon government bond maturing in 2000 (series III) was traded for Rs 500 million at a weighted yield of 10.94 per cent. The 11.64 per cent government loan maturing in 2000 was traded for Rs 250 million at a weighted yield of 10.97 per cent. The 14-day treasury bill maturing on August 15, 1998 was traded for Rs 240 million at a weighted yeild of 6.11 per cent.

UNI