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Nifty drops by 23.5 points

Pivotals declined sharply on the National Stock Exchange on the last day of trading cycle today.

Mirroring the trend, the NSE-50 (Nifty) index opened at 986.90, touched the day's high of 988.00, fell sharply by 959.40 points and closed at 963.30 points, showing a net loss of 23.50 points over the previous close of 986.80 points.

The Dollar NSE-50 (Defty) index dropped by 15.15 points to 868.25 points as against the previous close of 883.40 points. Similarly, the Midcap index fell sharply by 27.80 points to 1090.20 points as against the previous close of 1118.00 points.

According to marketmen, there was heavy bull liquidation in prime scrips with no follow-up support by institutional investors, while most of the operators were busy squaring up their positions in view of the end of settlement, they said.

Ranbaxy, Orient Bank, Nestle, ACC were the top gainers while Arvind Mills, Cochin Refin, M and M, IPCL and GE Shipping were the top losers today.

UNI