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Sensex drops 24.91 points

The market opened on overnight short covering and firmed up further on speculative buying support from bear operators which crossed the psychological barrier of 3500 mark during the intraday tradion session.

In the mid-trading session FIIs entered the market stated booking profit at higher level that crashed the Sensex and dropped below the 3400 mark. At the fag end, domestic institons purchased moderate amount heavy-weighted shares which recovered share prices marginally.

The FIIs sold heavily at Bajaj auto counters, brokers added.

Reflecting the downtrend, the BSE Sensitive index (30 scrips) opened at 3487.86 points, touched day's high of 3516.00 points, low of 3448.97 points, before closing at 3455.95 points, suffering a loss of 24.91 points as against its previous close of 3480.86 points.

The broadbased BSE National index finished at 1505.16 points, losing 11.50 points over the last trading day's close of 1516.66 points.

The BSE-200 and Dollex indices finished at 336.90 and 144.79 points as compared to its previous close of 339.53 and 143.07 points losing 02.63 and 01.72 points respectively.

Due to the decline in the Indian currency against the US dollar and the approaching the national election in the country, FIIs have become cautious about investing in the Indian capital markets, leading brokers said, and added that FIIs headquarters have already said that allocation of fresh funds would be done after the new government formed. This was the another reason for the downfall in the share prices.

The total turnover was Rs 10.74 billion involving 42.8 million shares.

Tobacco giant ITC registered the higheest turnover of Rs 3 billion followed by SBI Rs 1.8, Tata Tea Rs 1.4 billion, Castrol India Rs 716.9 million, Reliance Rs 667.7 million, TELCO Rs 353.1 million, MTNL Rs 297.9 million, ACC Rs 236.1 million, TISCO Rs 213 million, Bajaj Auto Rs 179.7 million, Hind Lever Rs 165.8 million, BHEL Rs 161.7 million, ICICI Rs 143.2 million, L and T Rs118 million and BPL Rs 94.8 million in specified counters.

Good transactions were observed at Corporation (Rs 142.1 million), Videsh Sanch (Rs 34.9 million), ICICI Bank (Rs 2.77 million), HDFC Bank (Rs 24.3 million), LML (Rs 18.6 million), Nicholas Pir (Rs 11.4 million), Cummins India (Rs 11.2 million), Novartis Ind (Rs 11 million), Reliance Pet (Rs 9.3 million) at 'B1' counters.

UNI