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Nifty loses 3 points

After opening on a buoyant note, pivotals declined marginally towards close on selling pressure by bull operators at the National Stock Exchange.

Reflecting the downtrend, the NSE-50 index declined by 3.10 points to 1,000.95 points, from 1,004.5 points of the previous day.

The dollar NSE-50 index also moved down by 1.60 points to 815.70 points from 817.30 points.

The midcap index slid by 12.55 points to 1,478.90 points as compared to 1,491.45 points of the previous day.

The total turnover, involving 598,600 shares in 214,570 trades, was Rs 17.13 billion. The debenture traded value was Rs 697,000.

About 411 securities advanced, 565 declined and 105 remained unchanged. Thirtyeight scrips hit their price bands.

Foreign institutional investors bought shares for Rs 329.8 million against their sales for Rs 195.4 million, indicating an inflow of Rs 134.3 million foreign funds.

Tobacco giant ITC registered the highest turnover of Rs 4.46 billion, followed by Satyam Comp (3.05 billion), SBIN (1.09 billion), BHEL (1 billion), Pentsfware (757.1 million), Reliance (612.7 million), Tata Tea (590.4 million), Hind Lever (483.8 million), ACC (387.3 million), L and T (378.7 million), Castrol (284.4 million), MTNL (269.7 million) and Tisco (226.2 million).

The other actively traded counters were Silverline (212 million), Bflsoftware (211.4 million), Telco (204.6 million), Infosystech (199.6 million), Dr Reddy (190.3 million), Bajaj Auto (180.4 million), Colgate (143 million), BPL (132.6 million), Bank of Baroda (131.3 million), Sqrdsfware (123.1 million), Digital Equip (122.2 million) and HCL-HP (109.1 million).

Colgate recorded the highest gain of 6.94 per cent to Rs 276.45, followed by MTNL 5.63 per cent to Rs 224.10, Thermax 1.91 per cent to Rs 181.60, BHEL 0.76 per cent to Rs 265.05 and Andhra Vally 0.74 per cent to Rs 81.70.

Grasim suffered the highest lose of 3.41 per cent to Rs 276.40, followed by ITC 3.17 per cent to Rs 697, Arvind Mill 2.58 per cent to Rs 43.35, Indogulf 2.51 per cent to Rs 33.05 and Telco 2.49 per cent to Rs 168.55.

The wholesale debt market of NSE witnessed trading worth Rs 2.88 billion.

The 14-day treasury bill maturing on July 25, 1998 was traded for Rs 6.05 million at a weighted yield of 6.25 per cent.

The 12 per cent government stock maturing in 1999 was traded for Rs 300 million at a weighted yield of 9.77 per cent.

The 11.55 per cent government loan maturing in 2001 was traded for Rs 300 million at a weighted yield of 11.52 per cent.

One repo trade amounting to Rs 150 million was transacted at a repo rate of 6.90 per cent for a term of 14.Days.

The total debenture traded value was Rs 356,000.

UNI