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Downtrend continues, Nifty 920.10

Pivotals further delcined on selling pressure from bull operators and foreign institutional investors as the low sentiment continuted on the National Stock Exchange today.

Reflecting the downtrend, the NSE-50 Index or Nifty dipped by 14.30 points to 920.10 points as against 934.40 of the previous day. The Dollar NSE-50 Index or Defty also fell down by 12.20 points to 749.70 points from 761.90 points.

The Midcap Index declined by 10.20 points to 1404.60 points as compared to 1414.80 points on the last working day.

The total turnover in 189,861 trades, involving 49.38 million shares was Rs 12.95 billion and the debentures traded value was Rs 579,000.

About 305 securities advanced, 623 declined and 87 remained unchanged. 27 securities hit their price bands today.

FIIs today purchased shares for Rs 134.47 million against their higher sales of Rs 138.65 million, indicating inflow of foreign funds to the tune of Rs 4.18 million.

Satyam Computers registered the highest turnover of Rs 3.03 billion, followed by ITC (Rs 2.29 billion), SBI (Rs 1.24 billion), Reliance (Rs 680.1 million), Zee Telefilms (Rs 607.9 million), Pentafour Software (Rs 440.4 million), ACC (Rs 428.6 million), BFL Software (Rs 370.7 million), Castrol (Rs 363 million), Tata Tea (Rs 355.3 million), Tisco (Rs 333.3 million), Telco (Rs 266.4 million) and L&T (Rs 193.5 million).

The other actively traded counters were: Hindustan Lever (Rs 183.9 million), Infosys Tech (Rs 154.2 million), Bajaj Auto (Rs 153.7 million), MTNL (Rs 129 million), Silverline (Rs 111.8 million), Digital Equipment (Rs 98.9 million), BHEL (Rs 96.6 million), Dr Reddy's (Rs 86.3 million), Square D Software (Rs 72.1 million, HCL-HP (Rs 61.5 million), Bata India (Rs 53.9 million), and BPL (Rs 52.6 million).

East India Hotels recorded the highest gain of 7.56 per cent to Rs 220.50, followed by SBI 1.50 per cent to Rs 202.75, Asian Paints 1.20 per cent to Rs 275.05, Andhra Valley 0.90 per cent to Rs 78.50 and IPCL 0.30 per cent to Rs 50.55.

Mahindra and Mahindra suffered the highest loss of 7.98 per cent to Rs 170.60, Telco 7.95 per cent to Rs 126.25, Tisco 7.91 per cent to Rs 104.15, Grasim 7.77 per cent to Rs 245.70 and Tata Chem 6.93 per cent to Rs 110.10.

The wholesale debt market of NSE witnessed trading worth Rs 3.08 billion. The 11.64 per cent government loan maturing in 2000 was traded for Rs 450 million at a weighted yield of 10.99 per cent. The newly issued 11.95 per cent government loan maturing in 2004 was traded for Rs 300 million at a weighted yield of 11.93 per cent.

The 364-day treasury bill maturing on August 15, 1998 was traded for Rs 80 million at a yield of 6.40 per cent. The turnover of debentures today was Rs 264,000.

UNI