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Upbeat trend helps Nifty to gain by 21 points, 928.25

The upbeat trend continued to prevail and pivotals improved further on good buying support from bull operators and foreign institutional investors on the National Stock Exchange today.

Mirroring the uptrend, the S&P CNX Nifty Index moved up by 21.05 points to 928.25 from 907.20 points of the previous day.

The CNX Nifty Junior also increased by 20.05 points to 1590.95 points while the S&P CNX Defty rose by 17.35 points to 756.60 points.

The S&P CNX 500 closed higher by 14.67 points to 641.87 points and CNX Midcap 200 went up by 8.89 points to 573.33 points.

About 828 securities gained, 236 lost and 70 remained unchanged. And 120 shares have hit their price bands today.

Among the top gainers, BHEL recorded 8.02 per cent improvement to Rs 280.30, Ranbaxy gained by 8.01 per cent to Rs 310, Cochin Refineries by 7.87 per cent to Rs 144, Mahindra and Mahindra by 7.27 per cent to Rs 177 and Great Eastern Shipping 6.09 per cent to Rs 24.40.

In the losers list, Bank of India topped with 2.50 per cent decline to Rs 23.40, followed by NIIT 2.13 per cent to Rs 1698.05, Colgate 1.67 per cent to Rs 214.90, IFCI 1.13 per cent to Rs 17.55 and ICICI 1.08 per cent to Rs 50.20.

ITC registered the highest turnover of Rs 3.33 billion, followed by Pentafour Software (Rs 1.82 billion), Satyam Computers (Rs 1.49 billion), Telco (Rs 1.38 billion), Zee Telefilms (Rs 1.21 billion), Hindustan Lever (Rs 1.01 billion), Reliance (Rs 885.9 million), MTNL (Rs 731.7 million), Tisco (Rs 724.9 million) and Tata Tea (Rs 616.3 million).

The other actively traded securites were: HCL-HP (Rs 511.5 million), SBI New (Rs 492 million), Silverline (Rs 444.3 million), L&T (Rs 339.9 million), ACC (Rs 320.6 million), SquareD Software (Rs 265 million), Castrol (Rs 257.3 million), Dabur (Rs 255.2 million), Glaxo (Rs 238.5 million), Rolta (Rs 147.6 million), BHEL (Rs 144.4 million), Raymond (Rs 142.2 million), BPL (Rs 125.6 million), Nestle (Rs 111.7 million) and BFL Software (Rs 108.6 million).

The net investment by FIIs were worth Rs 47.5 million while the domestic institutions were net sellers to the tune of Rs 315.5 million.

The wholesale debt market of the NSE witnessed trades worth Rs 7.57 billion. The 364-day treasury bill maturing on December 31, 1999 was traded for Rs 600 million at a weighted yield of 10.40 per cent. The 11.40 per cent government loan maturing in 2000 was traded for Rs 1.10 billion at a weighted yield of 11.30 per cent.

The 12.50 per cent government stock maturing in 2004 was traded for Rs 1.45 billion at a weighted yield of 11.94 per cent. Commercial papers of Larsen and Toubro Limited maturing on February 22, 1999 and April 30, 1999 were traded for Rs 50 million each at a yield of 10.20 per cent and 10.75 per cent respectively.

The turnover in debentures was Rs 2.84 million.

UNI

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