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Nifty takes a dip

Pivotals declined moderately on selling pressure by foreign institutional investors, domestic institutions and speculators on the National Stock Exchange.

Reflecting the low sentiment, the NSE-50 index fell sharply by 22.35 points to 919.90 points against the 942.25 points of the previous day.

The dollar NSE-50 also dipped by 23.10 points to 750.70 points from the 773.80 of the previous day.

The midcap index lost 18.75 points to 1,316.85 points from 1,335.60 of the last working day.

The total turnover, involving 3,064.5 million shares in 120,758 trades, was Rs 8.24 billion while the debentures fetched Rs 973,000.

About 339 securities advanced, 563 declined and 79 remained unchanged. Twentyone securities hit their price bands.

FIIs sold shares worth Rs 456.1 million against the purchase of Rs 127.6 million, indicating a net outflow of foreign funds worth Rs 328.4 million from the market today.

Domestic institutions unloaded shares worth Rs 70.9 million.

The ITC registered the highest turnover of 2.02 billion, followed by Satyam Comp (1.35 billion), Hind Lever (789.2 million), Reliance (697.1 million), Pentsfware (454.6 million), SBIN (384.8 million), Zee Tele (282.9 million), L and T (237.3 million), Telco (188.8 million), Tata Tea (154.4 million), BFL Software (152.3 million), ACC (126.2 million) and Castrol (120.1 million).

The other actively traded scrips were sqrdsfware (114.4 million), Infosystech (83.5 million), Wipro (78.5 million), Sundarmfin (72 million), Bajaj Auto (53.8 million), Silverline and Hind Lever (46.3 million each), Tisco (42.6 million), Softsolint (38.8 million), LML (32.9 million), Aptech (32.7 million) and ABB (28.6 million).

The notable gainer was Reliance. It firmed up by 0.11 per cent to Rs 142.40 from Rs 142.25.

Ashok Leyl lost by 9.36 per cent to Rs 35.85 (39.55), followed by Hind Lever Rs 1,507.35 (1613.55) EIH Rs 208 (221.30) Ind Hotel Rs 396.65 (419.50) and BPCL Rs 317.10 (335).

The wholesale debt market witnessed trading worth Rs 3.26 billion.

The newly issued 11.55 per cent government loan maturing in 2001 was traded for Rs 950 million at a weighted yeild of 11.51 per cent.

The 13.62 per cent government loan maturing in 1998 was traded for 150 million at a weighted yield of 8.41 per cent.

Six repo trades amounting to Rs 1 billion were transacted at repo rates varying from 7.75 to 8 per cent.

The total turnover in debentures was Rs 722,000

UNI