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FIs' selling pressure pushes pivotals further down; Nifty down 18 points, 845.05

Equities declined further on the National Stock Exchange following heavy selling pressure from foreign institutional investors and Indian financial institutional investors on the last day of current settlement today.

Mirroring the bearish mood, the S&P CNX Nifty opened at 861.10 points, touched the day's high of 861.10 points, fell to the day's low of 844.55 points before closing at 845.05 points from the previous close of 863.60 points. CNX Nifty Junior declined by 19.95 points to 1413.65 points against the previous close of 1433.60 points.

S&P CNX Defty dropped by 15.10 points to 687.80 points from the previous close of 702.90 points.

S&P CNX-500 and CNX Midcap-200 ended lower by 11.33 and 7.88 points to 574.30 and 512.17 points from the previous close of 585.63 and 520.05 points respectively.

Total turnover on the NSE reported during the day was Rs 16.22 billion from 65.82 million traded shares in 209,483 transactions.

Today, 277 scrips advanced, 739 declined and 105 remain unchanged.

Satyam Computers stood first in the list of turnover by registering a highest turnover of Rs 3 billion, Pentafour Software Rs 2.68 billion, Zee Telefilms Rs 2.07 billion and ITC Rs 1.33 billion.

Other actively traded scrips were Reliance (Rs 1.15 billion), SBI (Rs 558.4 million), Castrol (Rs 487.8 million), Telco (Rs 473.6 million), Hindustan Lever (Rs 415.3 million), Tisco (Rs 387.8 million), Glaxo (Rs 179.4 million), HCL-HP (Rs 169.1 million), ACC (Rs 154.8 million), Infosys Technologies (Rs 154.7 million), Tata Tea (Rs 151.9 million), Square D Software (Rs 141.5 million), Ranbaxy (Rs 139 million), MTNL (Rs 124.9 million), Bajaj Auto (Rs 122.9 million), L&T (Rs 121.4 million), Dr Reddy's (Rs 95.4 million), BFL Software (Rs 89.4 million), Mastek Limited (Rs 79.8 million), Raymond Rs 71.8 million and Sterlite Rs 72.6 million.

The gainers were Reliance Petro which closed at Rs 19.15 (Rs 18.50), Ranbaxy Rs 258.90 (Rs 255.55), Tata Power Rs 100.05 (Rs 98.95), India Rayon Rs 105.50 (Rs 105.00), Castrol Rs 672.00 (Rs 669.25).

The losers included India Hotels Rs 354 (Rs 379.85), ABB Rs 500.55 (Rs 525), Cochin Refineries Rs 122.50 (Rs 127) and HPCL Rs 230.70 (Rs 239.15).

The exchange witnessed a total outflow of FIIs' investment worth Rs 137.1 million and from Indian financial institutions/mutual funds Rs 27.2 million.

The wholesale debt market of NSE witnessed trades worth Rs 3.55 billion. The 12.60 government loan maturing in 2000 was traded for Rs 450 million at a weighted yield of 10.94 per cent. The 12 per cent government loan maturing in 1999 was traded for Rs 320 million at a weighted yield of 10.29 per cent.

Commercial paper of Excide Industries Limited maturing on March 15, 1999 was traded for Rs 100 million at a yield of 10.50 per cent. A repo trade worth Rs 60 million was transacted at a repo rate of 8.75 per cent for three days.

UNI

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