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Nifty goes up by 16 points

Pivotals gained smartly on the National Stock Exchange on Monday following good buying support from foreign as well as domestic intitutional investors.

Mirroring the bullish phase, the NSE-50 index opened at 901.00, touched the day's high of 919.50, fell to the day's low of 900.90 and later ended at 917.35 points, registering a gain of 16.80 points against the previous close of 900.55 points.

The dollar NSE-50 index recovered smartly by 13.00 points to 748.20 points against the previous close of 735.20 points.

The midcap index advanced by 39.25 points to 1,321.10 points from Friday's close of 1,281.85 points.

The total turnover, involving 3,201.2 million shares in 129,746 trades was Rs 8.67 billion and the traded value of debentures was Rs 91.6 million.

About 521 securities advanced, 372 declined and 83 remained unchanged today. Twentyfive securities hit their price bands, a release said.

FIIs net purchases on the NSE stood at Rs 4,601.6 million. The net buying by domestic institutional investors and mutual funds was Rs 2.18 billion.

Market leader ITC registered the highest turover of Rs 2.57 billion, followed by Satyamcomp (1.08 billion), SBIN (746.1 million), Reliance (429.5 million), Pentsfware (378 million), Castrol (Rs 341.1 million), Tata Tea (Rs 259.6 million), Hind Lever (244.1 million), ACC (208.6 million), Zee Telefilm (Rs 186.3 million) Infosys Tech (Rs 183.1 million), Telco (Rs 176.4 million), L and T (166.9 million).

The other counters which witnessed hectic activity were Sqrdsfware (164.5 million), BFL Software (147.8 million) Aptech (Rs 80.9 million), Wipro (Rs 75.4 million), Tisco (Rs 60.9 million), Bajaj Auto (Rs 55.6 million), LML (Rs 48.8 million), LML (Rs 48.8 million), Silverline (Rs 47.8 million), Softsolint (Rs 45.4 million), BHEL (Rs 38.9 million) and BSES (Rs 34.1 million).

Among the top NSE-50 gainers Nestle registered the highest gain of 6.29 per cent to Rs 381.95, Arvind Mill advanced by 5.90 per cent to 42.15, Castrol hardened by 4.97 per cent to Rs 591.20, ITC strengthened by 4.27 per cent to Rs 646.40 and ACC closed higher by 4.23 per cent to Rs 1240.75.

Grasim topped the losers list by registering a loss by 4.18 per cent to Rs 299.00 followed by HPCL by 3.12 per cent to Rs 50.40, M & M lost by 2.19 per cent to Rs 203.25, Ind Rayon declined by 1.99 per cent to Rs 167.20 and MRPL by 1.29 per cent to Rs 15.25.

The wholesale debt market of NSE witnessed trading worth Rs 2.54 billion.

The 11.55 per cent government loan maturing in 2001 was traded for Rs 1.05 billion at a weighted yield of 11.50 per cent.

The 13.25 per cent government stock maturing in treasury bill maturing on July 11, 1998 was traded for Rs 210 million at a weighted yield of 5.42 per cent.

One repo trade amounting to Rs 100 milliono was transacted at a repo rate 7 per cent for 10 days.

UNI