Foreign funds were major sellers at economy-linked heavyweight stocks like ACC, Tisco, Telco, SBI and Reliance which contributed to a significant fall in the DSE sensex. However, a sharp recovery in Hindustan Lever managed to minimise the fall. HLL's 27 per cent rise growth in net profit to Rs 285 crore for the third-quarter ended September 30, 1999, triggered-off fresh buying activity in the counter and the share shot up by a whopping Rs 140 to Rs 2425.

Stock brokers said the beginning of the new settlement on the National Stock Exchange failed to have any positive impact on the market sentiments with bull operators off-loading their positions. "Selling was widespread with economy stocks leading the fall," said a DSE broker. "Massive selling by foreign funds brought nervousness among other players," he added.

ACC fell from Rs 19.45 to Rs 222.55 following persistent selling by bull operators and some foreign funds after company came out with disappointing results for the second quarter. Gujarat Ambuja Cement lost Rs 30 to close at Rs 608. L&T closed at Rs 404.50 and Grasim industries yielded Rs 18 to Rs 432.

Reliance Industries fell sharply by Rs 9 to close at Rs 249, after bouncing between Rs 248.10 and Rs 258.90, while Reliance petroleum lost Rs 3.60 to Rs 56.15. Tisco, too, fell sharply by Rs 13.95 to close at Rs 157.05 due to selling by profit-takers at higher levels. Telco faced selling pressure and ended Rs 22.90 down at Rs 265, while Ashok Leyland shed Rs 7.10 to close at Rs 123.

Ranbaxy Lab. succumbed to mid-way selling by profit-takers and ended Rs 37.70, or 4 per cent, down at Rs 960, while Glaxo India gained Rs 13 at Rs 748 on buying by interested circles.

Zee Telefilms, fell by 4 per cent to Rs 5164 after moving in the range of Rs 5000 and Rs 5490 for most part of the day.

PSU stocks like MTNL lost Rs 16.70, or 8 per cent, to hit the lower circuit at Rs 188.30 while Bhel declined by Rs 8.40 to Rs 294.50 on persistent selling.

Among infotech stocks, the major losers were Satyam Computers at Rs 1330, Silverline Industries at Rs 424, SSI Limited at Rs 871.30, HCL Infosystems at Rs 488 and Digital Equipment at Rs 642. The undercurrent at close was weak and volume of business satisfactory.