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Pivotals drift lower on FI selling pressure; Nifty 931.4

Pivotals, opening on a positive note, drifted marginally lower towards close on selling pressure by foreign and domestic financial institutions on the National Stock Exchange today.

Mirroring the downtrend, the S&P CNX Nifty Index slipped by 1.20 points to 931.40 points against 932.60 points on the previous day. The S&P CNX Defty Index went down by 0.85 point to 758.70 points while CNX Nifty Junior edged up by 0.30 points to 1450.45 points.

S&P CNX 500 equity index lowered by 0.74 points to 621.70 points and the CNX Midcap 200 index decreased by 0.45 ponts to 524.15 points from 524.60 points.

Total turnover, involving 43.31 million shares in 164,289 trades was Rs 13.26 billion and the debentures traded value was Rs 834,000.

About 407 securities advanced, 497 declned and 106 remained unchanged today. 30 scrips have hit their price bands today.

Foreign institutional investors today purchased shares for Rs 145.76 million against their higher sales for Rs 282.94 million, indicating an outflow of foreign funds to the tune of Rs 137.78 million from the market.

ITC registered the highest turnover of Rs 4.43 billion, followed by Satyam Computers (Rs 1.54 billion), SBI (Rs 971.4 million), Zee Telefilms (Rs 804.7 million), Tata Tea (Rs 766.6 million), Hindustan Lever (Rs 586 million), Pentafour Software (Rs 568.4 million), Dr Reddy's (Rs 371 million), Reliance (Rs 319.6 million), ACC (Rs 247 million), MTNL (Rs 237.8 million), BFL Software (Rs 200.2 million) and Tisco (Rs 189.4 million).

The other actively traded counters were Castrol (Rs 143.8 million), Telco (Rs 142.4 million), BHEL (Rs 95 million), L&T (Rs 91.4 million), Bata India (Rs 89.7 million), Infosys Technology (Rs 75 million), Silverline (Rs 69.6 million), Britannia (Rs 66.5 million), LML (Rs 65.8 million), Colgate (Rs 57.2 million), Nestle (Rs 54 million), and HCL-HP (Rs 41.5 million).

Tata Tea recorded the highest gain of 7.79 per cent to Rs 302.45, followed by ICICI 3.92 per cent to Rs 82.25, Asian Paints 2.59 per cent to Rs 299.25, MTNL 2.50 per cent to Rs 211.45 and SBI 2.02 p er cent to Rs 209.80.

Ashok Leyland suffered the highest lose of 5.57 per cent to Rs 27.16, followed by IDBI 5.16 per cent to Rs 58.80, BPCL 3.06 per cent to Rs 320, Tisco 2.53 per cent to Rs 102.25 and Hindustan Petro 2.27 per cent to Rs 316.65.

The wholesale debt market of NSE witnessed trading worth Rs 2.27 billion. The 11.55 per cent government loan maturing in 2001 was traded for Rs 600 million at a weighted yield of 11.47 per cent. The 11.10 per cent government loan maturing in 2003 was traded for Rs 200 million at a weighted yield of 11.83 per cent. The commercial paper issued by Dabur, maturing on October 26, 1998 was traded for Rs 50 million at a yield of 9.90 per cent. The turnover in debenture was Rs 491,000.

UNI