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Nifty falls by 28.35 points under selling pressure

Pivotals declined sharply on the National Stock Exchange following heavy selling pressure from foreign institutional investors and speculators.

Reflecting the weak trend, the NSE-50 Index opened at 1073.30 points day's high, declined to the day's low of 1042.35 points and later recovered at 1045.00, showing a net loss of 28.35 points over the previous close of 1073.35 points.

Similarly, the Midcap Index fell by 15.40 points to 1206.90 points as against the previous close of 1022.30 points.

According to market sources, the continuous fall in the rupee value against the US dollar at the interbank foreign exchange market had affected the market sentiments, resulting in heavy selling by foreign funds.

The total turnover on the NSE reported during the day was Rs 14.1 billion.

ITC topped the list of turnover by registering highest turnover of Rs 6.9 billion, followed by Reliance Rs 1.9 billion, Tata Tea Rs 954.4 million, SBI in Rs 890.1 million and ACC Rs 411.6 million.

IDBI, ICICI, Essar Steel, Glaxo and Cochin Refinery were the major losers during the day while only TVS Suzuki and M and M could register smart gains.

Hectic activity was observed at the other counters like Castrol Rs 332 million, MTNL Rs 307.6 million, Hind Lever Rs 299.4 million, TELCO Rs 246.7 million, TISCO Rs 175.3 million, BHEL Rs 175.3 million, L&T Rs 97.2 million, Satyam Comp Rs 82.4 million, ICICI Rs 73.9 million, Soft Sol Rs 63 million, Ponds Rs 55.9 million, Hero Honda Rs 53.9 million, BSES Rs 50.6 million, Sterlite Rs 44.1 million, Ranbaxy Rs 42.7 million, EIH Rs 42 million, Infosys Tech Rs 38.3 million, Rel Petro Rs 36.2 million and NIIT Rs 33.7 million.

TVs Suzuki gained 5.64 per cent to Rs 451.30 while Mahindra and Mahindra went up by 0.23 per cent to Rs 355.85 over their previous close.

Among the losers, IDBI lost by 6.98 per cent to Rs 89.95, ICICI eased by 5.85 per cent Rs 78.90, Essar Steel declined by 4.55 per cent to Rs 18.90, Glaxo fell by 4.36 per cent to Rs 392.60 and Cochin Refin dropped by 4.23 per cent to Rs 159.80 over their previous close.

UNI