MUMBAI, Aug 13: Pivotals declined further on the BSE today due to fresh selling pressure coupled with lack of institutional support. The session started subdued and share prices reacted further. The closing rates showed further noticeable losses. The volume of business dropped and the undertone appeared weak.

The BSE sensitive index dropped from the opening level of 4419.34 to 4353.32 but recovered slightly to finish at 4370.13 with a net loss of 54.90 points compared to the previous level of 4425.03. The BSE-100 indedx lost 23.22 points to 1900.55.

Brokers said that the sentiment was affected mainly due to bear pressure as a reaction to the decision of the SEBI to defer the proposal to modify carry forward trading. The activity was low. Major players preferred to remain out on the eve of long weekend beginning from Friday.

A few scrips improved on scattered demand for positions covering ahead of the approaching settlement. The total turnover was Rs 794.09 crores.

Reliance topped with a turnover of Rs 197.86 crore followed by ITC Rs 140.16 crore, SBI Rs 91.92 crore, Tisco Rs 49.44 crore and Tata Tea Rs 36.91 crore. Reliance declined by Rs 2.25 to 373.25, ITC Rs 2.25 to 574.50, SBI Rs 4.25 to 322.75 and Tisco Rs 3.25 to 206.

On the NSE pivotals declined gradually on heavy selling pressure by investors. Reflecting the market trend, the NSE-50 opened at 1248.30 and declined to close at 1244.60, showing a loss of 3.75.

The Midcap index also started better at 1356.35 and closed 1347.85, showing a fall of 8.15 from the last closed of 1356 .The volume of business amounted to Rs 1002.61 crore as against yesterday's Rs 1843.79 crore.

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