Although, Monday's session was marked by low institutional participation and drifting volumes, the ITC counter continued to attract investors at large numbers. "The long and short positions reported at the end of the trading session have almost become equal, with the long positions now higher by 1,400 shares only," explained a veteran BSE broker. " Such is a rare case, and shows that enough selling has already taken place at this counter and therefore fresh purchases should follow," he added. ITC today moved in the price band of Rs 698 and Rs 707, the intra-day's low and high respectively, to finally close at Rs 701.75 registering a net fall over 1.5 per cent.However, the news of its short positions having become equal, saw fresh bouts of purchases being reported at the kerb markets. The stock once again shot up to Rs 704 at 7.30 pm. FIIs continued to be net sellers on the BSE, while on the NSE they were net buyers to the tune of Rs 16 crore. On the contrary domestic institutions were net buyers on the BSE and net sellers on the NSE. However sentiments at the GDR markets continued to be unnerved on account of the fluid political scenario in India. The Skindia GDR index dipped 2.09 per cent to close at 572.44 points during mid-day session. Interestingly, despite the steep fall in the GDR indices, the premiums commanded by the GDRs of MTNL, ITC, VSNL, Reliance and SBI moved in the northward direction.

According to market sources, institutional purchases were reported at the counters of ITC, E Merck, Pfizer and Bombay Dyeing. FIIs like Credit Lyonnais and HSBC were rumoured to have placed sell orders at the counters of Ashok Leyland and Telco. Both the stocks shedabout 4 to 5 per cent on an average at the local bourses. However, a cross deal of 10,000 shares reported at the counter of Tata Infotech according to market sources was brokered by Credit Lyonnais.

At the pharma counters, Ranbaxy saw a great deal of liquidation on account of various rumours floated in the market and the clarification given by the company. The stock was traded at a ex-bonus price on the BSE. It closed at Rs 258.10. However, on the NSE the stock shed 4.79 per cent to close at Rs 258. Hoechst Marrion on the other hand witnessed a sharp rise in its volumes especially at the negotiated segment. About four cross trades aggregating 62,000 shares were reported on the demat segment of the BSE, transacted in the price band of Rs 378 to Rs 380.