Fear of such a thing happening led to brokers restraining from taking fresh positions and this coupled with rumours of all kinds including that of a US attack on Iraq led to the Sensex suffering losses.

The Sensex which touched an intra-day high of 3,027.20 points came crashing down to a low of 2,974.61 points. In the final countdown, the index closed below the crucial benchmark of 3,000 points at 2,976.17 points registering a net loss of 28.50 points.

While the market was already nervous on account of the rumours of a US attack on Iraq, a message flashed by the National Stock Exchange (NSE), saying that the comet hitting the earth's atmosphere between November 13 to 20, could lead to switching-off of certain satellite services at short notice orno notice at all, led to a sell off.

``The exchange may not be in a position to inform its members well in advance about the disruption in services. Members may please make note of this and exercise adequate precaution in their dealing on the exchange and in leaving open positions during trading session,'' said the NSE flash to members during the day. Apart from fears on the comet affecting the satellites, a section of the market felt that the figures on industrial growth further strengthened the bear grip.

The ITC counter, however, continued to remain strong, closing at Rs 727.50 despite the attempts made by domestic institutions like UTI and Canstar mutual fund to book profits at the day's high of Rs 736. Over 80 lakh shares exchanged hands on the local bourses at a weighted average price of Rs 729.69. According to market sources, FIIs have been bullish at this counter considering the buy back rumours and the company's appeal filed against the Cegat order.

Rumours of SICOM filing a winding up petitionagainst Pentafour Solex, a sister concern of Pentafour software provided an edge to the bear operators. The stock was hammered from the day's high of Rs 610.50 to touch an intra-day's low of Rs 574. Profit booking by domestic and foreign institutional players during mid-session led to a further erosion in the prices of pivotals. Reliance crashed from the day's high of Rs 123.80 to close at Rs 119.50, while SBI fell from the day's high of Rs 168.50 to close at Rs 161.40.

According to market sources, FIIs were reportedly buyers at the counters of ICICI, ITC, Tata Tea, Tisco, NIIT, ICI, HDFC Bank and ICICI Bank. However, domestic institutions continued to sell at the counters of MTNL, Telco and Bhel. Interestingly, both FIIs and domestic institutions were net buyers on the local bourses to the tune of Rs 22 and Rs 10.5 crore respectively.