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Upbeat sentiment continues, Nifty up 26 points, 954.70

Pivotals rose further as the upbeat sentiment continued on good buying support by foreign institutional investors and bull operators on the National Stock Exchange today.

Reflecting the uptrend in the market, the S&P CNX Nifty Index shot up by 26.45 points to 954.70 points from 928.25 points of the previous day. The CNX Nifty Junior rose by 15.85 points to 1606.80 points while the S&P CNX Defty surged up by 21.45 points to 778.05 points.

The S&P CNX 500 index moved up by 13.02 points to 654.89 points and the CNX Midcap 200 index edged up by 3.86 points to 577.19 points.

The market witnessed a higher turnover of Rs 21.56 billion, involving 103.61 million shares in 314,478 trades. The turnover in debenture was Rs 3.50 million.

About 683 securities gained, 373 lost and 96 remained unchanged while 102 securities hit their price bands today.

L&T recorded the highest gain of 8.03 per cent to Rs 184.40, followed by M&M 8.02 per cent to Rs 191.20, BHEL and Grasim 8.01 per cent each to Rs 302.75 and Rs 207.75 respectively. Ranbaxy gained by 8 per cent to Rs 334.80.

Among the losers list, Arvind Mills figured first with 2.83 per cent loss to Rs 44.70, followed by Castrol 1.10 per cent to Rs 748.90, Great Eastern Shipping 0.82 per cent to Rs 24.20, Tata Tea 0.27 per cent to Rs 369.50 and P&G 0.25 per cent to Rs 829.90.

The net investment by FIIs were worth Rs 483.4 million while the domestic institutions were net sellers worth Rs 45.2 million.

ITC registered the highest turnover of Rs 3.27 billion, followed by SBI New (Rs 2.35 billion), Reliance (Rs 2.17 billion), Pentafour Software (Rs 1.52 billion), Satyam Computers (Rs 1.47 billion), Telco (Rs 1.30 billion), L&T (Rs 740.6 million), Zee Telefilms (Rs 602.3 million) and MTNL (Rs 556.4 million).

The other actively traded counters were: Tata Tea (Rs 524.8 million), Tisco (Rs 478.3 million), ACC (Rs 448.1 million), HCL-HP (Rs 421.9 million), Hindustan Lever (Rs 409.8 million), Dr Reddy's (Rs 405.1 million), Castrol (Rs 335.8 million) and Dabur (Rs 264.7 million).

The wholesale debt market of the NSE witnessed trades worth Rs 3.42 billion. The 11.55 per cent government loan maturing in 2001 was traded for Rs 650 million at a weighted yield of 11.50 per cent. The 11.40 per cent government loan maturing in 2000 was traded for Rs 450 million at a weighted yield of 11.30 per cent. The 13.40 per cent government loan maturing in 1999 was traded for Rs 300 million at a weighted yield of 10.61 per cent.

The 14.50 per cent non-convertible debentures of ACC Limited maturing in 2002 were traded for Rs 100 million at a yield of 13.30 per cent. The total turnover in debentures was Rs 109.1 million.

UNI

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