The benchmark 30-share index opened moderately down at 4817.25 and laterfluctuated irregularly in a range of 4831.87 and 4755.89 before closing at4783.08 as against yesterday's close of 4836.91, netting a loss of 53.83points or 1.11 per cent. The BSE-100 index also dropped by 29.70 points to2276.97 from previous close of 2306.67.

Operators lightened their commitments in the light of heavy selling fromFIIs which reportedly pressed fresh sales in software and pharma stocks onfears that the growth rate in these sectors would not be in keeping withmarket expectations in the current financial year.

FIIs were net sellers in key shares like Dr Reddy's Lab, Glaxo, E Merck,Digital Equipment, German Remedies, Sun Pharma, Novartis, Smithkline Pharma,NIIT, Infosys Tech, Satyam Computer, HCL Info, Aptech, Digital Equipment andothers.

However, they made good purchases in Indian stocks like TISCO, UnitedPhosphorous, Atlas Copco, Siemens and Zee Telefilms. Indian financialinstitutions too picked up shares of some Indian companies.

Select cyclicals including some cement and steel shares scored impressivegains on hectic buying support from financial institutions. While E Merck,Dr Reddy's Lab and Godrej Soaps were locked in the lower circuit filterafter exhausting the daily eight per cent limit, Atlas Copco, Unitedphosphorous, Raymond, Reliance Capital and TISCO hit the upper price band.

Of the 152 traded specified scrips, 104 registered sharp to moderate losseswhile 45 showed gains and three remained unchanged. The BSE-200 index andthe dollex were quoted remarkably down at 532.56 and 204.21 compared withprevious close of 538.64 and 206.39 respectively.

The BSE-500 index moved down by 19.62 points to 1597.99 from yesterday'sclose of 1617.61.

Satyam computer was the most active scrip with a turnover of Rs 316.46 croreof the total volume of business of Rs 2983.81 crore. Other top traded shareswere Zee Telefilms (Rs 252.29 crore), RIL (Rs 250.66 crore), Ranbaxy Lab (Rs205.18 crore) and Global Tele (Rs 170.68 crore).