In fact, Sensex (BSE sensitive index) crashed from the day's high of 4536.20 to 4382.95 but recovered partially at the end to finish at 4456.18, showing a net loss of 35.38 points over the previous close of 4491.56. The BSE-100 index eased by 3.85 points to 2085.84 from the previous close of 2089.69.

Brokers said index-based scrips like Telco, Tisco and ACC declined while IT major NIIT, Aptech, Infosys Technologies and Himachal Futuristic posted some gains in an otherwise lacklusture trading. FIIs decided to stay away from the market due to year-end book adjustments and Y2K fears. Domestic institutional investors who bought heavily on Tuesday, kept away from active buying. The wide movement was also due to reports of payment problems onthe Calcutta Stock Exchange (CSE).

Of the 151 traded specified shares, 110 registered sharp to moderate losses, while 39 recorded gains and two held steady. Satyam Computer was the most active scrip with a turnover of Rs 363 crore of the total volume of business of Rs 2471.01 crore.

On National Stock Exchange (NSE) shares suffered moderate setback on profit-booking by speculators and institutional investors at the first day of current trading cycle today. The S&P CNX Nifty index opened at 1332.70 touched a day's high of 1353.55, a low of 1303.25 points, before closing at 1326.40 points showing a net loss of 5.80 points as against the previous close of 1332.20.