NEW DELHI, Aug 12: After an extremely bullish opening session in the specified group owing to large-scale buying by speculators, the market fell back to close with widespread losses due to increased selling by profit takers.

According to marketmen, in view of Tuesday's board meeting of Securities and Exchange Board of India (Sebi), speculators made optimistic buying in early trade, largely on hopes that Sebi would accept Varma Committee recommendations on the revised carry-forward trading system but turned sellers following rumours that it might make some modifications before accepting the report.

Some stock brokers said the trading was mostly of a speculative nature ahead of the crucial board meeting at Sebi. The Delhi stock exchange sensitive index, which crossed 948 points at the outset, plunged to close 10.51 points down at 931.36 points.

Reliance industries, which led the rally in the morning session, rose to Rs 384.75 before succumbing to selling pressure and ended with a fall of Rs 7.70.

SBI also surged to Rs 335.95 on purchases by speculators and foreign players but late selling pulled down the stock to close at Rs 325.85.The undercurrent at close was uncertain and volume of business fairly moderate.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.