Purchases by select institutions led by UTI in index-based stocks towards the last phase of the session helped the index close at 3,037.34 points, registering a net loss of 41.17 points over the previous close on a turnover of Rs 661.55 crore.

The last day of the trading cycle on the NSE saw the Nifty Index close at 875.60 points, losing 4.60 points over the last close. Infotech counters continued to hog the limelight on account of phenomenal volumes registered at these counters. Satyam Computers was the centre of attraction with the stock moving in an extremely volatile band of 10 per cent downside and further 10 per cent upside of the price filter on both the bourses.

On the BSE, Satyam scrip was locked at lower limit of Rs 261.70 during the first phase of thesession, however, it suddenly changed direction to move upwards where it was locked at Rs 318 levels. Operators aver that FII purchases at this counter was the prominent feature of the day. Besides,the reason for this sharp swing was attributed to short-covering since today was the last day of the trading cycle on NSE.

Also, Oppenheimer and Stitching funds were reported to have bought large chunks of Satyam stock. These hectic buying saw this counter contributing a phenomenal turnover of Rs 102 crore on the BSE and Rs 115 crore on the NSE.

FIIs were reported to have pressed huge sales at the counters of MTNL, Bhel, HLL and L&T.

UTI Offshore Fund was also rumoured to have picked up stocks like L&T, and Hero Honda. However, UTI concentrated its purchases at heavyweight counters like MTNL, L&T and Wartsila Diesel. According to market players the increasing margins has created financial barriers in terms of adhering to the provision of shifting their position from BSE to NSE, and reducing the speculativepositions at the end of the trading cycle. Another prominent feature of the day was Bhel, which was hammered down to a new 52-week low of Rs 197.70. However, a sharp reversal was registered at the counter which saw the stock close at Rs 198.80 on account of fresh bids received by Morgan Stanley broking outfit.