The exchange witnessed low volumes on two counts - hiking of margins to 25 per cent from the earlier level of 10 per cent, and the pressure of huge outstandings to the unofficial badla financiers.

However, volumes in some of the counters like Zee Telefilms were high with brokers opting for arbitrage. Speculation is rife about the likely shortfall on March 15, the pay-in day, with the free fall in tech stocks prices continuing unabated. Unconfirmed reports predict a Rs 500 crore shortfall on March 15.

The CSE-40 index touched an intra-day high of 2024.34 points, and also a low of 1938.23 points, before closing at 1947.79.

Of the 5029 listed scrips on the exchange, 163-odd were traded today with number of trades being 35,280. The volume at the exchange was down to 1.46 crore involving a turnover of Rs 264.73 crore.

Tech stocks - Global Telesystems, Himachal Futuristic, DSQ Biotech, Infosys, Silverline - hit the lower band of the circuit filter. Keeping them company were some blue chips of the old economy, with ITC Ltd down by Rs 30 to Rs 765.

In fact, of the top ten decliners in the A group, only two were old economy - Steel Authority of India Ltd and Arvind. HFCL, which closed at Rs 388.50 on Friday, March 9, touched a new low of Rs 274.30 on the CSE. However oustandings at the HFCL counter were down to Rs 123.32 crore on March 9, down from Rs 189 crore earlier. HFCL counter witnessed volumes of 37.77 lakh at the CSE on Monday.

DSQ Biotech, which opened on a positive note, hit the lower band of the circuit filter in the afternoon, closing at Rs 176.50.

Among the top ten gainers, the CSE listed only three scrips - HDFC, Philips and Raymond.

Brokers fear more deactivation
The Calcutta Stock Exchange is likely to deactivate terminals of more brokers in addition to the 40-odd whose terminals have been switched off.

President Kamal Parekh has clarified that these brokers have not been suspended but their terminals have been switched off.

The deactivation has been provoked by the shortfall in margins of these brokers, sources said.

"This is a routine affair", according to a broker who pointed out that the latest round of deactivation assumes significance because of the payment crisis on March 9 and a probable crisis on March 15.

However, neither Mr Parekh nor executive director Tapas Dutta was available for comment.