About 130 stocks were locked at the lower end of the price band on the exchange. Market participants attributed the lacklustre trading to the absence of BSE's trading platform. The BSE was closed for a public holiday.

UTI and other domestic institutions were reported to have bought chunks of Tisco, Telco, Bajaj Auto, Tata Tea, HDFC Bank, L&T, MTNL and Glaxo shares. Profit-booking coupled with attempts made by the bear operators to cover their positions on the last day of the trading cycle saw the stock prices of pivotals like Reliance, Tisco, E Merck and Cadbury (which enters the no-delivery phase from Wednesday), register losses to the tune of 1.5-2 per cent on an average.

Scrips like ABB and Philips also registered hugelosses on account of continuous supplies at lower levels. Pentafour Software, which registered a phenomenal profit appreciation of over 45 per cent, was battered by operators. The stock hit the lower end of the price band at Rs 664 with 5.06 lakh shares changing hands.

Analysts explain the downward move as a much-needed technical correction. The stock, according to market players, was overvalued. Moreover, the stock had moved northwards in anticipation of better results earlier.

NIIT hogged the limelight with two bulk deals transacted in the trade-to-trade segment of the exchange. The trades were executed at Rs 1,317 and Rs 1,400, and saw 1.20 lakh shares change hands. Blue Star also hit the upper end of the price band at Rs 72 on rumours of the company hiving off one of its divisions, which would accrue benefits to the company in fiscal 1998-99.