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Nawaz Sharief's climbdown sends equities up; Nifty up 32.40 points to 1230.25

Pivotals firmed up sharply on heavy buying support by bull operators and institutional investors at the National Stock Exchange today, encouraged by the assurance by the Pakistan Prime Minister Nawaz Sharief that he will withdraw the forces from the Kargil sector.

Opening on a buoyant note, the share prices continued its rally on sustained buying support as prospects of an early end to the Indo-Pak border conflict, boosted the market sentiment.

Mirroring the uptrend, the S&P CNX Nifty index shot up by 32.40 points or 2.70 per cent to 1230.25 points from 1197.85 points of the previous day.

The CNX Nifty Junior jumped up by 54.90 points to 1998.85 points from 1943.95 points and the S&P CNX Defty appreciated by 29.25 points to 985.80 points.

The S&P CNX 500 index rose by 21.60 points to 833.25 points from 811.65 points while the CNX Midcap 200 moved up by 19.85 points to 710.40 points from 690.55 points.

Total turnover in 308,543 trades, involving 99.43 million shares was Rs 21.83 billion and the debentures traded were value at Rs 3.93 million.

Today, 776 securities advanced, 234 declined and 70 remained unchanged.

UNI

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