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Mood upbeat despite FII selling pressure,
Nifty zooms up 43.10 points

Pivotals gained handsomely at the National Stock Exchange on heavy speculative buying amidst volatile trading today.

Surprisingly, they zoomed up despite heavy selling pressure from foreign institutional investors and domestic institutions.

Mirroring an upbeat mood, the S&P CNX Nifty index opened at 935.15 points, touched the day's high of 967.20, fell to the low of 932.80 points, and closed at 967.20, a net gain of 43.10 points from the previous close of 924.10 points.

The CNX Nifty Junior gained 60.30 points from the previous close of 1620.50 points to close at 1680.80.

The S&P CNX Defty and S&P CNX-500 closed higher by 35.25 and 28.41 points as against Tuesday's closing figures of 642.39 and 570.37, respectively.

The CNX Midcap-200 also gained 20 points to 590.37 points against the previous close of 570.37.

The FIIs pressed heavy sales today, recording a net Rs221 million. The domestic institutional investors and mutual funds' net sales stood at Rs170 million.

The total turnover on the NSE today was Rs25,765.7 million, which came 261,503 trades in 89.424 million shares.

In all, 721 scrips advanced, 299 declined, and 78 remained unchanged while 145 securities hit their price bands today.

Satyam Computers topped the list by registering the highest turnover of Rs5054.3 million, followed by ITC at Rs3686.2 million, Pentafour Software (Rs3334.6 million) and TELCO (Rs1782.3 million).

Other actively traded counters were MTNL (Rs1155.2 million), Reliance (Rs1113.9 million), Castrol (Rs819.7 million), Zee Telefilms (Rs815.7 million), Tata Tea (Rs782.3 million), TISCO (Rs758.5 million), SBI (Rs653 million), Hindustan Lever (Rs548 million), HCL-HP (Rs375.2 million), Silverline (Rs335.6 million), Wockhardt (Rs315.4 million), NIIT (Rs253.2 million), SquareD Software (Rs207.5 million), Larsen & Toubro (Rs183 million), BHEL (Rs175.4 million), Infosys Technologies (Rs152 million), Ranbaxy (Rs115.5 million), Rolta (Rs 103.3million), and Dr Reddy's Laboratories (Rs102.8 million).

The wholesale debt market of the NSE witnessed trades worth Rs5225.3 million. The 11.40 per cent govt loan maturing in 2000 was traded for Rs850 million at a weighted yield of 11.26 per cent. The 11.75 per cent government loan maturing in 2001 was traded for Rs650 million at a weighted yield of 11.45 per cent. The zero coupon government bond maturing in 2000 (series I) was traded for Rs450 million at a weighted yield of 10.25 per cent. The commercial paper of Grasim Limited maturing on April 15, 1999, was traded for Rs100 million at a weighted yield of 10.65 per cent.

UNI

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