Monday, November 29, 1999

Nifty ends 41 points higher on select buying

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Mumbai, June 17 (PTI) The market shrugged off initial bouts of volatility to continue on its upward trajectory, supported by heavyweights amid positive European cues, as the benchmark S&P CNX Nifty ended over 41 points higher on the National Stock Exchange. Resuming on a subdued note in the backdrop of mixed Asian cues, the key index traded in a narrow range for most part of the day. But the market bounced back sharply in afternoon trade, tracking European bourses, with frantic buying of heavyweight scrips. The Nifty shuttled between a range of 5,285.55 and 5,206.55 before closing at 5,274.85, a net rise of 41.50 points, or 0.79 per cent, over its last close. Sustained inflows from foreign funds, who were net sellers in the month of May, but have turned buyers, is driving the market at this moment, clearly indicating the health of the Indian economy, traders said. The first installment of advance tax payment by India Inc, too, shows they can deliver good results, they added. L&T, Tata Motors, JP Associates, GAIL and Ranbaxy were the top five gainers from the Nifty pack. Hero Honda, Hindustan Unilever, Tata Steel and PNB were the notable losers. The total turnover in the cash segment declined marginally to Rs 14,371.97 crore from Rs 14,394.10 crore yesterday. A total of 6,612.59 lakh shares changed hands in 6,113,612 trades. Market capitalisation stood at Rs 6,118,689 crore.

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