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Moderate buying keeps prices low; Sensex down 23 points, 3138.66

Pivotals declined moderately at the Bombay Stock Exchange following profit-taking by speculators at higher levels coupled with scattered buying support by foreign and domestic institutional investors today.

Prominent scrips like NIIT, Satyam Computers, Pentafour Software, ITC, SBI Reliance and Zee Telefilms reported losses due to hectic selling pressure, dealers said.

The foreign institutional investors were not much active in the market and reportedly picked up small quantity of heavy-weighted shares. The domestic institutional investors also followed their suit, leading BSE brokers said.

Reflecting the bearish mood, the 30-scrip BSE Sensex opened at 3168.86 points, touched the day's high of 3185.47, fell to touch the day's low of 3131.84 before closing at 3138.66, showing a net loss of 23.52 points against the previous close of 3162.18 points.

According to market sources, the commerce minister's announcement of special measures to boost exports did not find immediate reaction in the market. Uptrend in New York stock market also ignored by the Indian bourses. The Dow Jones Industrial Average overcame an early 63-point deficit and rose 79.04 points or by one per cent to 8024.39 extending rally that began Friday to 410 points.

Back home, the broad-based BSE-100 index drifted lower by 9.45 points to 1388.12 points against the previous close of 1397.57 points. The BSE-200 and Dollex indices closed lower by 1.92 and 0.69 points to 319.55 and 125.21 points against the previous close of 321.47 and 125.90 points respectively.

There were very few gainers were seen in the final closing list. Grasim gained by Rs 2.50 to Rs 161, Hero Honda up by Rs 3.25 to Rs 565, Hindustan Lever by Rs 8.75 to Rs 1608.25, India Hotel by Rs 1.25 to Rs 354, Ingersoll Rs 7.50 to Rs 440.50, M&M added Rs 0.80 to Rs 182.60, Satyam Computers by Rs 6.50 to Rs 509, Telco Rs 2.70 to Rs 148.50, Tisco earned little by Rs 0.25 to Rs 94.75.

Among the losers, ABB drifted lower by Rs 12 to Rs 490, Bajaj Auto by Rs 4.50 to Rs 695.75, BHEL Rs 7.70 to Rs 255.00, BSES Rs 2.10 to Rs 160.70, Cadbury's Re 1 to Rs 391.50, Castrol India Rs 10.75 to Rs 608.50, Colgate Rs 3.90 to Rs 197, Dr Reddy's Rs 15.75 to Rs 417.25, Glaxo Rs 9.25 to Rs 425.50, ITC by Rs 7 to Rs 678, MTNL down by Rs 4.20 to Rs 213.50, NIIT dropped by Rs 30.75 to Rs 1303.75, Pentafour Software by Rs 14.75 to Rs 580, Reliance Rs 1.90 to Rs 119.60, SBI eased by Rs 3.40 to Rs 201 and Zee Telefilm declined by Rs 8.50 to Rs 680.

Total turnover on the BOLT system reported during the day was Rs 12.27 billion.

Satyam Computers topped the list of turnover by registering highest turnover of Rs 2.87 billion, followed by ITC Rs 1.89 billion, Zee Telefilm Rs 1.61 billion, Pentafour Software Rs 698.3 million and Reliance Rs 643.4 million.

Other actively traded counters were State Bank of India Rs 568.5 million, Telco Rs 304.9 million, Castrol India Rs 304 million, ACC Rs 279.9 million, NIIT Rs 214 million, Tata Tea Rs 166.3 million, BHEL Rs 157.5 million, L&T Rs 154 million, Dr Reddy's Rs 131.4 million and Tisco Rs 128.1 million.

UNI