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FII selling pressure unabated; Nifty down six points, 954.75

Equities declined further at the National Stock Exchange following heavy selling pressure from foreign institutional investors and Indian institutional investors today.

Reflecting the bearish phase, the S&P CNX Nifty index opened at 948.00 points, touched the day's high of 968.40 points, fell to the day's low of 944.50 points before closing at 954.75 points showing a net loss of 6.45 points from the previous close of 961.20 points.

CNX Nifty Junior dropped by 10.50 points to 1659.45 points from the previous close of 1669.95 points. S&P CNX Defty and CNX Midcap-200 ended lower by 3.04 and 6.96 points to 664.69 and 584.63 points as against the previous close of 667.73 and 591.59 points respectively.

Today, 339 scrips advanced, 668 declined and 75 remaining unchanged while 63 securities hit their price bands today.

Total turnvoer on the NSE was Rs 27.22 billion from 93.49 million shares in 288,628 trades. Debentures traded value stood at 2.38 million.

Satyam Computer posted a highest turnover of Rs 6.94 billion, followed by Pentafour Software Rs 3.99 billion, Telco Rs 2.88 billion and ITC Rs 2.25 billion.

Other actively traded counters were Zee Telefilms (Rs 1.45 billion), Reliance (Rs 1.15 billion), Tata Tea (Rs 1.14 billion), SBI (Rs 923.2 million), HCL-HP (Rs 714.1 million), SquareD Software (Rs 569.2 million), Tisco (Rs 497.7 million), Silverline (Rs 431 million), Castrol (Rs 359 million), Infosys Technologies (Rs 317.6 million), MTNL (Rs 255.4 million), ACC (Rs 251.8 million), L&T (Rs 240.3 million), Rolta (Rs 164.8 million), NIIT (Rs 153.8 million), BFL Software (Rs 117.7 million), BHEL (Rs 107 million), Dr Reddy's (Rs 105.1 million), Digital Equipment (Rs 101.6 million), Tata Elxi (Rs 87.6 million) and Dabur (Rs 72.6 million).

Top five S&P CNX Nifty gainers were Telco which closed at Rs 224.40 (Rs 207), NIIT Rs 2114.70 (Rs 1958.05), Infosys Technologies Rs 4050 (Rs 3779.15), Tisco Rs 125.75 (Rs 123.50), Mahindra & Mahindra Rs 188.50 (Rs 186.70).

The losers were HPCL Rs 242 (Rs 253.55), Arvind Mills Rs 44.65 (Rs 46.70), Tata Tea Rs 378 (Rs 395.25), Indian Rayon Rs 108.05 (Rs 112.90), Tata Chemicals Rs 103 (Rs 107.50).

The FIIs made net selling worth Rs 253.2 million while the Indian FIs too were net sellers and sold shares worth Rs 221.3 million.

The wholesale debt market of the NSE witnessed trades worth Rs 3.68 billion. The 11.40 per cent government loan maturing in 2000 was traded for Rs 1.45 billion at a weighted yield of 11.34 per cent. The 11.55 per cent government loan maturing in 2001 was traded for Rs 850 million at a weighted yield of 11.52 per cent. The commercial paper of G E Capital Services maturing on February 19, 1999 was traded for Rs 50 million at a yield of 10.30 per cent.

UNI

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