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Pivotals on Tuesday registered a moderate decline on the National Stock Exchange following speculative selling pressure coupled with the lack of buying support from institutional investors.

Reflecting the trend, the NSE-50 Index opened at 1188.20 points, touched the day's high of 1192.00, declined to the day's low of 1171.20 and later closed at 1174.95 points below the previous close of 1188.20 points.

Similarly, the Midcap Index also drifted lower by 22.00 points to 1293.80 points against the previous close of 1315.80 points.

The total turnover reported during the day on the NSE was Rs 24.5 billion.

ITC stood first in the list of turnover by registering the highest turnover of Rs 8.9 billion, followed by Reliance Rs 7.3 billion, SBI Rs 2.2 billion, Tata Tea Rs 1.4 billion and TISCO Rs 548 million.

Hectic activity was observed at the other counters like MTNL Rs 335.1 million, ACC Rs 315.5 million, TELCO Rs 288.1 million, Bajaj Auto Rs 249.5 million, ICICI Rs 229.4 million, Hind Lever Rs 191.7 million, BHEL Rs 151.8 million, Colgate Rs 131.5 million, L&T Rs 120.6 million, Rel Capital Rs 102.9 million, ICICI Bank Rs 88 million, Infosys Tech Rs 79.1 million, HDFC Bank Rs 63.7 million, Escorts Rs 62.8 million, Satyam Comp Rs 62.5 million, LML Rs 57.1 million, Rel Petro Rs 48.9 million and Dr Reddy Rs 48.3 million.

The top gainers on the NSE were Arvind Mills, Bajaj Auto, Rel Petro, HPCL and HDFC Bank. The top losers were BSES, GE Ship, Rel Cap, Essar Steel and IPCL.

The wholesale debt market of NSE witnessed trading worth Rs 8.3 billion, the 10.85 per cent government loan maturing in 2001 was traded for Rs 1.45 billion at a weighted yield of 10.41 per cent. The 12.59 per cent government loan maturing in 2004 was traded for Rs 1.48 billion at a weighted yield of 10.95 per cent. The 364-day T bills maturing on April 24, 1998, was traded for Rs 280 million at 7.69 per cent.

UNI