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September 2, 1999

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Speculative selling pressure unabated; Nifty down 35 points to 1376

Share prices continued to decline sharply for the third consecutive day at the National Stock Exchange following speculative selling pressure by market players today.

Reflecting the downtrend, the S&P CNX Nifty index opened at 1410.00 points (day's high), fell below the 1400 mark to touch day's low of 1372.50 points before closing at 1375.85 points, showing a net loss of 34.85 points or 2.47 per cent from the previous close of 1410.70 points.

The CNX Nifty Junior nosedived by 64.66 points to 2443.60 points as against the previous close of 2508.25 points.

Barring the few scrips like Apollo Tyre, Himachal Futuristic, HDFC, East Indian Hotel, TVS Suzuki, Novartis and Cipla, almost all the pivotals registered a considerable decline, dealers said.

The S&P CNX Defty ended lower by 28.70 points to 1095.45 points as against the previous close of 1124.15 points.

The S&P CNX-500 and CNX Midcap-200 down by 20.40 and 20.55 points to 971.60 and 881.90 points as against the previous close of 994.00 and 902.45 points respectively.

The exchange witnessed total turnover of Rs 18.05 billion. Debentures traded were valued at Rs 195.5 million.

As many as 245 securities advanced, 906 declined, 41 held unchanged while 93 securities hit their price bands today, an NSE release said.

Ranbaxy topped the list of turnover by registering highest turnover of Rs 1.84 billion followed by SBI Rs 1.65 billion, Telco Rs 1.30 billion, Satyam Computers Rs 1.29 billion and ITC Rs 875.2 million.

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