Sensex down by 11 points

Brokers said the new account started firm but turned weak after mid-session following increased selling pressure from local players and domestic institutional investors in heavy-weighted counters. The euphoria of formation of new government at the centre seems to be over and the market is waiting for new development. The end of financialyear also aided the downtrend as most players have postponed their long-term commitment.

The profit taking was also due to technical considerations of the market following over brought positions in several counters. Among the heavy weights, MTNL, BHEL and Hindustan Lever dropped from their highs on institutional selling and ended with small variations either side. Other pivotals like ACC, Larsen, Nestel, Telco, Tata Steel, ITC, Cadbury, HDFC,Lakme,Thomas Cook, TVS Suzuki and Wartsila declined on profit taking.

The total volume of business amounted to Rs 1078.33 crore. ITC remained in forefront with a turnover of Rs 215.62 crore. Reliance notched up a turnover of Rs 80.58 crore, Tata Tea Rs 73.11 crore, Castrol Rs 67.10 crore and MTNL Rs 58.19 crore.