The BSE sensitive index declined from the inter-day high of 3015.82 and fell below the psychological barrier of 3000 mark to finish at 2964.87 showing a net loss of 38.38 points from the previous close of 3003.25. The BSE-100 index declined by 15.78 points to 1323.71 as against the previous close of 1339.49.

Brokers said that the sentiment affected during the mid-session on selling pressure in Reliance counter on the report of CBI conducting raids on the premises of Reliance Industries. The market was steady during the earlier part and Reliance and Tisco scrips remained better buying support. Tisco attracted buying support on reports that the government would soon impose anti-dumping duty on steel.

However, Reliance declined during the mid-session from the high of Rs123.80 to close at Rs 119.60, showing a net loss of Rs 1.70 and RIL remained in the top spot among the traded scrips with a turnover of Rs 154.73 crore.

Pharma shares came under heavy selling pressure as a correction to recent bullish tendency. ITC lost Rs 13.75 at Rs 713.25, SBI Rs 4.30 at Rs 162 and Satyam Rs 7.75 at Rs 584.50 on selling pressure. The volume of business dropped to Rs 883.98 crore.

Among the index-based blue chips, ACC declined by Rs 4.00 to Rs 1032.75, Bajaj Auto by Rs 2.50 to Rs 559.25, BHEL by Rs 2.40 to Rs 264.60, Castrol by Rs 9 to Rs 645, Colgate by Rs 3.70 to Rs 178.30, Glaxo by Rs 15.25 to Rs 542.75, Hindalco by Rs 4.25 to Rs 545.50, Hindustan Lever by Rs 5.50 to Rs 1601.50, ICICI by Rs 1.30 to Rs 50, IDBI by Rs 1.20 to Rs 39.55, Infosys Tech by Rs 37.50 to Rs 2390.75, Mahindra by Rs 6.60 to Rs 166.10, MTNL by 5.70 to 187.10, Novartis by Rs 16.50 to Rs 728.25, Ranbaxy by Rs 21.50 to Rs 526.75 and Telco by Rs 4.30 to Rs 141.80.