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Prices zoom, pivotals post handsome gain; Nifty up 27 points, 899.95

Pivotal prices posted handsome gains on encouraging buying support from local operators at the National Stock Exchange today.

The S&P CNX Nifty index rose by 27.30 points to end at 899.95 from the previous close of 872.65. CNX Nifty Junior also firmed by 42.30 points to end 1535.95. S&P CNX Defty moved up by 22.60 points to 733.35. S&P CNX 500 and CNX Midcap 200 edged by 19.59 and 15.88 points to end at 618.37 and 550.66 respectively.

A total of 809 scrips advanced, 184 declined and 79 were unchanged while 131 securities hit their price bands.

The total turnover was Rs 21.57 billion from trading in 83.3 million shares through 263,806 transactions. Debentures traded were valued at Rs two million.

ITC topped the turnover list with Rs 5.18 billion followed by Satyam Computers (Rs 3.17 billion), Pentafour (Rs 2.26 billion), Telco (Rs 1.26 billion) and Zee Telefilms (Rs 1.15 billion).

Others that posted a high turnover were Reliance, SBI, Tata Tea, Castrol, Tisco, ACC, L&T and Square D Software.

The top gainers were Bank of India, OBC, IDBI, Tata Chemicals and Cochin Refineries. The losers were Telco, NIIT, Tisco and Hero Honda. FIIs were sellers to the tune of Rs 286 million, while financial institutions and mutual funds offloaded Rs 137.5 million.

The wholesale debt market of the NSE witnessed trades worth Rs 3.77 billion. The 11.40 per cent government loan maturing in 2000 was traded for Rs 630 million at a weighted yield of 11.31 per cent. The 12 per cent converted stock maturing in 1999 was traded for Rs 340 million at a weighted yield of 10.24 per cent.

The zero coupon government loan maturing in 2000 (Series III) was traded for Rs 550 million at a weighted yield of 11.29 per cent.

Commercial papers of Nicholas Piramal Limited maturing on February 04, 1999 and February 08, 1999 were traded for Rs 50 million each at yield of 10.20 per cent.

UNI

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