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BSE loses 10 points

Pivotals suffered a moderate setback on the Bombay Stock Exchange following profit-taking selling pressure by market players and domestic institutional investors in heavy-weighted counters.

The euphoria of the formation of a new government at the Centre seems to be over. The market is waiting for new development, a leading BSE broker said, adding that the end of the financial year also aided the downtrend as most players postponed long-term commitments.

The domestic financial institutional investors pressed sales in blue chips, while the foreigners preferred to stay away from active participation, marketmen said.

Rise in the badla rates in the fundamentally strong scrips is also one of the reason for the market setback. The rise in net outstanding had already indicated the technical correction to the market on Friday, brokers said.

Mirroring the trend, the market opened on a firm note. The Sensex started at 3952.21 points, touched the day's high of 3980.90 points, and fell sharply below the important mark of 3,900 to touch the low of 3896.86, registering an intra-day loss of at least 84 points. It finally settled at 3,897.98 points, losing 10.62 points over the previous close of 3,908.60.

UNI