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Nifty shoots up by 66.40 points

Share prices zoomed up today following heavy buying support by domestic institutions and the ban on short sales of equities by the Securities and Exchange Board of India.

Encouraged by the SEBI's decision, domestic financial institutions like Unit Trust of India and bull operators bought index-based scrips, which pushed up the indices substantially.

Mirroring the zoom, the NSE-50 index shot up by 66.40 points to 976.50 points. The dollar NSE-50 (Defty) index also rose by 58.10 points to 804 points.

The Midcap index closed higher by 89.35 points to 1333.55 points as against 1244.20 points on the previous day.

The total turnover in 1,63,678 trades, involving 57.25 million shares, was Rs 10.22 billion which was less than usual.

A record 769 shares advanced, 150 declined while 50 remained unchanged today.

Tobacco giant ITC registered highest turnover of 2.51 billion, followed by SBI 1.26 billion, Reliance 894 million, Satyam Comp 867.6 million, Telco 478.2 million, Pentafour Software 427.2 million, Zee Tele 351.7 million, Castrol 265.4 million, Hind Lever 262.7 million, Tisco 234 million, Tata Tea 230.8 million and L and T 209.5 million.

The other scrips which witnessed hectic activity were Wipro 107.2 million, BFL Software 84.5 million, MTNL 79.4 million, Silverline 74.9 million, Rel Petro 70 million, Bajaj Auto 62.4 million and Corporation Bank 610 million.

The wholesale debt market of NSE witnessed trading worth Rs 2.84 billion.

Foreign institutional investors bought shares worth Rs 13.38 million and sold Rs 449.4 million, indicating an outflow of 436.23 million.

UNI