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Nifty moves up eight points on hectic buying; 842.50

Pivotals shot up as the market recorded hectic activity during the intra-day trading as they recovered lost ground and finished higher than their previous close at the National Stock Exchange in Bombay today.

Opening on a buoyant note, the market moved in a narrow range throughout the day with the S&P CNX Nifty opening on yesterday's closing level of 834.55 points and gaining 7.95 points to close at 842.50 points. It touched a day's high of 847.95 points and recorded a low of 834.55 points.

CNX Nifty on the other hand recorded a smart recovery of 20 points after opening marginally above its yesterday's close. It opened at 1444.95 points and did not dip any lower, then reached a high of 1472.30 points and finally closed at 1464.55 points as compared to its previous close of 1444.55 points.

The S&P CNX Defty and CNX 500 also gained by 6.50 and 5.93 points respectively as they closed at 686.45 points and 580.75 points.

CNX Midcap 200 index recorded a gain of 7.46 points by closing at 513.32 points as compared to its previous close of 505.86 points.

The total traded value was Rs 9.05 billion involving 152,480 shares and a traded quantity of Rs 41.89 million. The debenture traded value was Rs 1.2 million. There were 554 advances, 344 declines and 91 unchanged movements while 53 securities hit their price bands today.

The top gainers were GE Shipping, L&T, Castrol, Andhra Valley and IPCL and the top losers were Cochin Refineries, Thermax, BPCL, BSES and Reliance Petro.

ITC recorded highest turnover of Rs 1.73 billion followed by Satyam Computers Rs 1.28 billion, Pentafour Software Rs 766.8 billion, Zee Telefilms Rs 479.3 milllion, Reliance Rs 475.2 million, Castrol Rs 434 million, SBI Rs 349.2 million, Silverline Rs 255.3 million, HCL-HP Rs 220.4 million, Tata Tea Rs 189.1 million, Dr Reddy's Rs 182.6 million, L&T Rs 169.7 million, Rolta Rs 154.2 million, MTNL Rs 141.5 million, Infosys Tech Rs 132.2 million, BHEL Rs 126.9 million, BFL Software Rs 124.2 million, Videocon International Rs 104.1 million, Gujarat Ambuja Cement Rs 94.2 million, Square D Software Rs 89.2 million, ACC Rs 88.7 million, Hindustan Lever Rs 84.1 million, Novartis Rs 59.6 million, Bajaj Auto Rs 53.5 million and Tisco Rs 52.5 million.

The wholesale debt market of NSE witnessed trades worth Rs 2.51 billion. The 11.25 per cent government loan maturing in 1999 was traded at Rs 450 million at a weighted yield of 10.38 per cent. The 1.55 per cent government loan maturing in 2001 was traded for Rs 100 million at a yield of 11.50 per cent. The 11.95 per cent government loan maturing in 2004 was traded for Rs 150 million at a weighted yield of 11.93 per cent. Repo trades totalling Rs 600 million were transacted at repo rates varying from 9.50 to ten per cent for a repo term of ten days.

UNI