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Nifty drops slightly

Trading for the new settlement began on a cautious note with relatively thin volumes on the National Stock Exchange and share prices drifted sideways for most of the session and most pivotals closed at lower levels on Wednesday.

Reflecting the weak trend, the Nifty (NSE-50 Index) opened at 1091.20 points, touched the day's high of 1096.05, declined to the day's low of 1081.90 points, and later closed at 1085.00 points, netting a loss of 5.20 points over the previous close of 1090.20 points.

Similarly, the Midcap Index declined by 6.70 points to 1231.60 points as against the previous close of 1238.30 points.

The total turnover on the NSE reported during the day was Rs 13.8 billion.

ITC registered the highest turnover of Rs 6.5 billion, followed by Tata Tea Rs 1.8 billion, Reliance Rs 1.3 billion, SBI Rs 804.8 million and MTNL Rs 653.2 million.

Hectic activity was observed at the other counters like TISCO Rs 331.8 million, ACC Rs 259.6 million, TELCO Rs 207.5 million, Hind Lever Rs 162 million, Castrol Rs 153.8 million, BHEL Rs 124.1 million, LML Rs 94.5 million, GAIL Rs 89.1 million, VSNL Rs 88.6 million, Satyam Comp Rs 78.6 million, Soft Sol Rs 76.7 million, L&T Rs 69.3 million, Ranbaxy Rs 66.2 million, Hero Honda Rs 62.6 million, IPCL Rs 58 million, Colgate Rs 47 million, Nicholas Pir Rs 45.7 million, Infosys Tech Rs 41.2 million, HPCL Rs 35.8 million and Bajaj Auto Rs 34.4 million.

Among the top gainers, Cochin Refinery gained by 3.85 per cent to Rs 164.45, TVS Suz up 3.34 per cent to Rs 428.50, Essar Steel gained by 2.29 per cent to Rs 22.30, Orient increased by 2.08 per cent to Rs 58.90, Ind Rayon up by 1.63 per cent to Rs 203.00.

IPCL lost by 5.75 per cent to Rs 88.55, MTNL declined by 4.36 per cent to Rs 237.85, GE Ship dropped by 3.19 per cent to Rs 42.55, BHEL fell by 2.65 per cent to Rs 361.70 and HDFC Bank down by 2.45 per cent to Rs 77.80.

UNI