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Friday, August 20, 1999

Pivotals react on heavy selling pressure 

PRESS TRUST OF INDIA  
Mumbai, Aug 19: Pivotals reacted sharply on the National Stock Exchange (NSE) today due to emergence of heavy all-round selling by speculators. The market opened on a positive note and shares firmed upfurther till midday. But later, prices reacted sharply.

Mirroring the trend, the S&P Cnx nifty started better at 1363.50 and rose smartly to touch a new all time intra-day high of 1375.45 for the second day in succession. However, towards the fag end, it fell sharply to end at 1345.00, showing a fresh fall of 18.35 over the last close of 1363.35.

Cnx Nifty Junior declined steeply by 62.45 to close at 2449.40 from yesterday's close of 2511.85. S&P Cnx defty, fell sharply by 16.05 to 1071.75 from the last close of 1087.80. S&P Cnx 500 fell by 15.75 to 962.35 from 978.10. Cnx midcap 200 was dropped by 19.60 to 874.95 as against 894.55 yesterday.

The total turnover was Rs 2,194.70 cr from 1,177.44 lakh shares and in 4,09,915 trades. Debentures turnover was Rs. 102.43 lakh. In the market, 801 shares declined,359 improved and 34 remained unchanged. 243 shares had hit their price bands.

The most actively traded securities of the day were Ranbaxy with a turnover of Rs 205.21 cr, L&T Rs 143.68 cr, Tata Tea Rs 127.13 cr, Satyam Comp Rs 116.05 cr and SBI Rs. 110.62 cr. On the Calcutta Stock Exchange, the upward thrust in share prices halted today with settlement adjustments releasing a flurry of offerings in the wake of which there was allround decline. The turnover was moderately fair and undertone steady.

With prices easing, the CSE's 40-share index after moving between 2385.19 points and 2323.59 points, finished at 2325.00 points. All major shares closed below their previous day's rates with ITC pegged at Rs 972.70, TELCO at Rs 270.90, TISCO at Rs 140.90, Reliance at Rs 173.40, Bata at Rs 166.70, Jaiprakash at Rs 43.55 and Satyam Computer at Rs 924.90. But Tata Tea remained firm at Rs 466.50 reflecting fresh interest with select others like IPCL and OBC too settling higher.

Activity in the non-specified listwas restricted and price variations here were marginal. Share values closed on a lower note today at the Delhi Stock Exchange (DSE) following the clinton administration sharpened attacks against the Vajpayee government's proposed nuclear doctrine.

The DSE index was down 17.68 points and closed at 1,021.42. Sources said trading by foreign and domestic institutional investors showed despondent trends. Among the most prominent loser was hindustan lever which droppedRs. 42 to close at 976.

Zee Telefilms was down Rs 38 at 2,621, while Aptech closed Rs 30 lower at 696. Satyam Computers dropped Rs 28 at 913, Digital Equipment Rs 27 at 740, Telco Rs 21.25 at 271.75, Hindustan Lever Rs 14 at 2,592, ACC Rs 12.15 at 232.55 and Larsen and Toubro Rs 7 at 347.

Carrier Aircon and Reliance Industries also reflected downward trends. The volume of trading was fair.

Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.


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