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FII selling pressure pushes Nifty down 10.15 points

Equities declined on selling pressure from foreign institutional investors and domestic financial institutions at the National Stock Exchange today.

Reflecting the downtrend, the S&P CNX Nifty index opened at 976.60, touched the day's high of 980.45, fell to 955.15, and closed at 957.05, a net loss of 10.15 points from the previous close of 967.20.

The CNX Nifty Junior fell 1.35 points to end at 1679.45 while the S&P CNX Defty and S&P CNX-500 closed 8.30 and 3.91 points lower respectively to end at 780.15 and 666.89.

The CNX Midcap-200 also lost 1.35 points to close at 589.02 points.

The total turnover recorded on the exchange was Rs22603.4 million from 276,380 trades involving 84.1 million shares.

A total of 482 scrips advanced, 545 declined and 95 remained unchanged while 81 securities hit their price bands.

Satyam Computers registered the highest turnover of Rs3264.5 million, followed by Zee Telefilms (Rs2707.3 million), ITC (Rs2302 million), Tata Tea (Rs158.32 million) and TELCO (Rs133.75 million).

Other scrips to record high turnovers were Reliance, Pentafour Software, HCL-HP, State Bank of India, Castrol, SquareD Software, MTNL and Silverline.

The top gainers were Arvind Mills, Infosys, Tata Tea, EIH and Tata Power.

Prominent among the scrips that shed value were Grasim, MTNL, Tata Chemicals, Great Eastern Shipping, and Indian Petrochemicals Corporation Limited. FIIs and FIs/mutual funds were net sellers to the tune of Rs295.9 million and Rs212 million respectively.

The NSE's wholesale debt market witnessed trades worth Rs3530.9 million. The 11.40 per cent government loan maturing in 2000 was traded for Rs680 million at a weighted yield of 11.26 per cent. The zero coupon government bond maturing in 2000 (Series III) was traded for Rs200 million at a weighted yield of 11.12 per cent.

UNI

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