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Pivotals lead moderate rally; Tata Tea share down Rs 20; Sensex crosses 3300

Select pivotals gained moderately at the Bombay Stock Exchange on buying support from foreign institutional investors and leading domestic institutional investors, pushing the Sensex above the psychological barrier of 3300 mark to close at 3309.15 points today.

The market opened on a firm note as the index started at 3309.46 points and firmed up to 3321.89 points. However, it fell to 3246.03 points on sustained selling pressure from leading fund managers in the pivotals.

The Sensex bounced back to the opening level towards the fag end on good buying activity in the software counters like NIIT. DSQ Software and some others also were up. The Sensex closed at 3309.15 points, gaining 11.29 points over the previous close of 3297.86 points.

According to the third quarter results, Tata Tea Limited showed a dismal performance with the net profit registering a decline of 10.14 per cent to Rs 281 million in the quarter ended December 31, 1998. Tata Tea scrip fell sharply by Rs 19.25 to Rs 377.75 at the BSE as against the Friday's close of Rs 397.

The news of approval of merger by Arvind Polycot Limited, Arvind Cotspin and Arvind Intex Limited into Arvind mills also could not see any positive impact on the Arvind Mills scrip. Arvind Mills declined by Rs 1.25 to Rs 49 from Friday's close of Rs 50.25.

According to marketmen, the FIIs made considerable purchases in NIIT, DSQ Software, Infosys Technologies and others. The Unit Trust of India also had made good purchases in software counters.

The broad-based BSE-100 index gained by 2.02 points to 1460.36 points from the previous close of 1458.34 points.

The BSE-200 and Dollex indices closed at 338.27 and 132.52 registering a marginal gain of 1.00 and 0.39 points against the previous close of 337.37 and 132.13 points respectively.

Total turnover on the BOLT system reported during the day was Rs 18.19 billion.

Pentafour Software topped the list of turnover by registering highest turnover of Rs 3.13 billion, ITC Rs 1.58 billion, Tata Tea Rs 1.48 billion, Satyam Computers Rs 1.44 billion and Zee Telefilms Rs 949.7 million.

Other actively traded counters were Reliance (Rs 824.6 million), Telco (Rs 815.6 million), SBI (Rs 506.4 million), Castrol (Rs 496.2 million), MTNL (Rs 444.5 million), Hindustan Lever (Rs 308.6 million), Digital Equipment (Rs 287 million), ACC (Rs 269.2 million), Infosys Technologies (Rs 233.9 million) and Cadbury's (Rs 206.5 million).

Among the issues, Asian Hotels gained by Rs 2.40 to Rs 159.50, Bajaj Auto Rs 25.25 to Rs 528.75, BSES Rs 1.30 to Rs 156.30, Cadbury Rs 31.25 to Rs 574, Castrol Rs 8 to Rs 826, Dr Reddy's Rs 21.25 to Rs 540, Glaxo Rs 4.50 to Rs 652, Hero Honda Rs 28.50 to Rs 627.75, Hindustan Lever Rs 47 to Rs 1792, Hindalco Rs 10 to Rs 501, ITC Rs 1.75 to Rs 809, NIIT by Rs 170 to Rs 2302.50, Voltas Rs 4.40 to Rs 132.50.

The losers were BHEL which fell by Rs 4.20 to Rs 269.10, Colgate Rs 5 to Rs 204, Grasim Rs 8 to Rs 175.10, Infosys Technologies fell sharply by Rs 243 to Rs 4,667, MTNL Rs 1.40 to Rs 175.10, Nestle Rs 13.25 to Rs 500.50, Novartis Rs 12.50 to Rs 827, Pentafour Software Rs 21 to Rs 918, Reliance Rs 1.60 to Rs 134.40, Satyam Computers Rs 28.50 to Rs 903, SBI Rs 4.10 to Rs 166.90, Telco Rs 7 to Rs 215, Tisco Rs 2 to Rs 109.10, Tata Tea Rs 19.25 to Rs 377.50 and Zee Telefilms Rs 10 to Rs 610.

UNI

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