Good third quarter performance by Corporation Bank, Indian Aluminium and ITC failed to boost market sentiments on the BSE as speculators continued to reward good results and smash the companies that reported results below market expectations.

Reflecting the weak trend, the 30-scrip BSE Sensex opened at 3,281.09 points, touched the day's high of 3,298.49, fell to day's low of 3,214.85 points before closing at 3,218.91 points, registering a net loss of 59.67 points from the previous close of 3,278.58 points. The S&P CNX Nifty also lost 20 points to close at924.10.

"The market is at a vulnerable point with a huge net carry forward position of Rs 950 crore. Unless the market touches the level of 3,212 it is in a weak position", said Dilip Bhat, vice-president, Shailesh Merchant Stock Brokers.

The FIIs are reported to have made purchases in Telco, Reliance, Castrol and ITC. Domestic institutional investors preferred to stay away from active participation. Four lakh shares of ITC were reported to have been sold by WI Carr, three lakh shares of DSQ Software are reported to have been purchased by WI Carr while one lakh share of ITC were reportedly sold by Morgan Stanley brokerage. Pentafour Software was rumoured to have been picked up by Canbank offshore fund with the Morgan Stanley selling German Remedies. UTI is rumoured to have picked up 50,000 Wartsila Diesel.

Burroughs Welcome, Lakme, Wockhardt, E Merck and Infosys Technologies as well as BPL Ltd attracted hectic buying support during the first half of the session.

However, operators who were long insome scrips, chose to sell off their positions in line with squaring off of business on NSE on the last day of the current settlement. As a result, Garware Polyester, Siemens, Ballarpur Industries, Tata Chemicals, Nocil, Sail and others recorded hefty slides. Siemens and Tata Chemicals hit the circuit breaker on the lower end.

"It was a day of pharmaceutical stocks on the bourses", said a fund manager. A number of stocks touched new 52-weeks high - Burroughs Welcome hit a new 52 week high of Rs 785.50, E Merck at Rs 478.25, German Remedies at Rs 820, Pfizer at Rs 950, Bayer (I) at Rs 2410 and Clariant (I) at Rs 311.20.

Total turnover on the Bolt network stood at Rs 1,723.62 crore. Pentafour Software posted the highest turnover at Rs 356.36 crore, followed by ITC's Rs 267.28 crore, Reliance Rs 84.21 crore, Satyam Computers Rs 158 crore and Telco Rs 83.58 crore.