The BSE Sensitive index declined from the inter-day high of 3027.20 to finish at 2976.17, as against the previous close of 3004.67. The BSE-100 index also lost by 10.26 points at 1325.35 from the previous close of 1335.51. The market opened on a better note mostly attributed to announcement of guidelines by the SEBI on the buyback but higher prices could not be held due to selling pressure.

The sentiment also received a setback following reports that the Insat communication satellites would be suspended on account of meteoroid storm from November 17, 1998 to avoid damage to the satellites. The FIIs were also net sellers, cautious of the `warfare strategies' of the United States against Iraq in theGulf. They reduced their outstanding positions in the software scrips.

On the NSE, share prices started on a positive note on the first day of the current settlement but select scrips reacted towareds the fag-end on emergence of profit-selling and closed with marginal losses over the previous closing. The S&P CNX Nifty opened firm at 869.45 and later fell to close at 868.85, showing a small fall of 0.15 over the last close of 868.70. The total volume of business was at Rs 1,534.12 crore. The exchange witnessed 633 scrips advance, 383 scrips decline and 74 scrips steady.