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Nifty loses 13 points

After moving in a narrow range, pivotals drifted lower on selling pressure from foreign institutional investors and bull operators on the National Stock Exchange.

Mirroring the subdued trend, the nifty index fell by 13.25 points to 855.45 from 868.70 points of the previous day.

The nifty junior index also moved down by 4.20 points to 1480.15 points from 1484.35 points while the defty index dropped by 6.60 points to 696.25 points from 702.85 points.

The S and P CNX 500 index declined by 7.06 points to 588.96 points from 596.02 points and the midcap 200 index edged down by 2.62 points to 521.12 from 523.74 points.

The total turnover, involving 63.4 million shares in 207,099 Trades, was Rs 14.06 billion. The debenture traded value was Rs 718,000.

About 415 securities gained, 484 lost and 102 remained steady. Twentysix scrips hit their price bands.

FIIs continued to be the major sellers in the market. They sold shares worth Rs 132.8 million against their lower investment of Rs 69.3 million, showing an outflow of foreign exchange to the tune of 63.5 million.

Indogulf recorded the topmost gain of 6.03 per cent to Rs 33.40, followed by BPCL 2.50 per cent to Rs 250.40, TVS Suzuki 1.77 per cent to Rs 437.80, Thermax 1.24 per cent to Rs 191.45 and ABB 0.94 per cent to Rs 433.95.

Ashokley suffered the highest lose of 7.92 per cent to Rs 26.75, followed Cochin Refin 6.25 per cent to Rs 206.95, SBIN 4.12 per cent to Rs 183.90, L and T 3.91 per cent to Rs 176.85 and REL Capital 3.42 per cent to Rs 42.35.

The wholesale debt market segment witnessed trades worth Rs 3.19 billion.

The commercial paper of Reliance Industries Limited, maturing on September 14, 1998, was traded for Rs 350 million at a weighted yield of 12.36 per cent, while the certificate of deposit of the IDBI, maturing on September 12, 1998, was traded for Rs 250 million at a weighted yield of 14.10 per cent.

A Repo trade for Rs 100 million was struck at 14 per cent for a Repo term of 8 days.

UNI