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NSE gains slightly

Pivotals alternated between bouts of buying and selling on the National Stock Exchange.

Mirroring the trend, the NSE-50 index opened at 1,079.95, touched the day's high of 1,097.30 and declined to the low of 1,071.75. It closed at 1,082.40 points, showing a net gain of 3.25 points over the previous close of 1,079.15.

The NSE-50 (defty) index drifted lower by 1.40 points to 947.00 as against the previous day's 948.40 points.

However, midcap index gained 16.10 points. It closed at 1,232.90 points as against the previous close of 1,216.80 points.

The total turnover reported was Rs 13.15 billion.

ITC topped the list of turnover by registering Rs 4.59 billion, followed by Tata Tea (Rs 1.81 billion), State Bank (Rs 1.37 billion), Reliance (Rs 1.23 billion) and L&T (Rs 444.4 million).

Hectic activity was observed at other counters like Castrol (Rs 333 million), Corp Bank (Rs 274.5 million), Hind Lever (Rs 256.6 million), Telco (Rs 249.3 million), ICICI (Rs 230.2) million, ACC (Rs 227.5 million), Tisco (Rs 219.2 million), BPL (Rs 182.9 million), MTNL (Rs 122.8 million), Rel Petro (Rs 116.6 million), BHEL (Rs 96.5 million), Bajaj Auto (Rs 89.3 million), Infosys (Rs 75.3 million), Infosys Tech (Rs 75.3 million), Glaxo (Rs 64.5 million), Inger (Rs 57.3 million), Colgate (Rs 43.7 million), IPCL (Rs 43,5 million), Rel Capital (Rs 40.7 million), GMDC Ltd (Rs 39 million) and Dr Reddy (Rs 35.2 million).

Among the gainers Rel Petro registered an increase of 8.58 per cent to Rs 25.95, ICICI of 6.91 per cent to Rs 87.40, Thermax of 5.61 per cent to Rs 210.70, Rel Capital of 4.63 per cent to Rs 66.70 and L&T of 2.73 per cent to Rs 212.30.

Among the losers, Hindalco drifted lower by 3.15 per cent to Rs 747.85, Indogulf by 2.19 per cent to Rs 38.00, MTNL by 1.82 per cent to Rs 253.50, BHEL by 0.72 per cent to Rs 39.75 and GE shipping by 0.64 per cent to Rs 46.75.

Meanwhile, the NSE's wholesale debt market witnessed trades worth Rs 3.05 billion.

The zero coupon bond maturing in 2000 was traded for 550 million at a weighted yield of 10.74 per cent.

The 12.50 per cent government stock maturing in 2004 was traded for Rs 210 million at a weighted yield of 11.05 per cent, and the 11.19 per cent govt stock maturing in 2005 for Rs 350 million at a weighted yield of 11.81 per cent.

UNI