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Pivotal prices slide

Pivotal prices declined on speculative selling pressure on the last day of the current settlement period on the National Stock Exchange.

The net outflow of FIIs was Rs 303.5 million while domestic institutions' net investment was Rs 102.4 million.

Mirroring the low sentiment the NSE-50 Index declined by 7.45 points to 941.65 points against 949.10 of the previous day.

The Dollar NSE-50 Index also lowered by 3.40 points to 769.60 points from 773 points.

The Midcap Index lost by 16 points to 1342.20 points as compared to 1358.20 points the previous day.

The total turnover, involving 466.88 lakh shares in 140,126 trades was Rs 8.42 billion today. The turnover in debenture was Rs 1.8 million. About 328 securities advanced, 660 declined while 82 remained unchanged today in the market.

Sixty-one securities have hit their price bands today. ITC recorded the highest turnover of Rs 1.57 billion, Reliance (Rs 817.8 million), Telco (Rs 706.9 million), Tata Tea (Rs 610 million), Castrol (Rs 454.6 million), Infosys Tech (Rs 348.8 million), Hind Lever (Rs 337.6 million), L&T (Rs 268 million), ACC (Rs 215.6 million), NIIT (Rs 153 million), Tisco (Rs 132.8 million), BSES (Rs 119 million).

The other actively traded counters were Wipro (Rs 109.8 million), MTNL (Rs 109 million), BHEL (Rs 890 million), Bajaj Auto (Rs 775 million), ICICI (Rs 706 million), LML (Rs 583 million), Aptech (Rs 582 million), Raymond (Rs 568 million), Sterlite (Rs 538 million), BFL Software (Rs 491 million), Tata Unisys (Rs 478 million) and Glaxo (Rs 298 million).

The top gainers were HDFC Bank Rs 65.25 (60.70), Guj Amb Cem Rs 266.90 (250.50), BPCL Rs 349.70 (335), Tata Tea Rs 304.70 (293.85) and Colgate Rs 238.40 (231.60).

Major losers were Thermax Rs 131.40 (144.50), Grasim Rs 327.35 (346.55), MTNL Rs 178 (187.65), East India Hotels Rs 218.65 (230.05) and Rel Petro Rs 19.80 (Rs 20.75).

The wholesale debt market of NSE witnessed trading worth Rs 146.50 crore. The 13.70 per cent government loan maturing in 1999 was traded for Rs 250 million at a weighted yield of 10.10 per cent. The 12.14 per cent government loan maturing in 2000 was traded for Rs 100 million at a yield of 10.99 per cent. The 16 per cent non SLR bond of IFCI Ltd maturing in 2002 was traded for Rs 22 crore at a weighted yield of 14.28 per cent. The 364 day Treasury Bill maturing on August 15, 1998 was traded for Rs 250 million at a yield of 8 per cent. The total turnover in debentures was Rs 544 thousand.

UNI