The BSE sensitive index dropped from the intra-day high of 2988.73 to 2919.45 before closing at 2922.61, with a net loss of 66.99 points against the previous close of 2989.60. The BSE-100 index lost 28.55 points to 1308.82 compared to the previous level of 1336.68.

Brokers said, apart from the day's session being the last for the current settlement, the sentiment was affected due selling by the FIIs following a fresh setback in the world market, mainly in New York, London and Tokyo. Major pivotals like Reliance, ITC and others saw fresh unloading. Most of the market players were busy squaring up off business in view of end of trading settlement.

The total turnover was better at Rs 1100.39 crore. ITC continued to remain at the top with a turnover of Rs 186.81 crore. The scrip dropped by Rs 10.25 to Rs 605.50, Satyam Computers by Rs 15.50 to Rs 492, Reliance by Rs 3.70 to Rs 115.50 and Pentafour Software by Rs 34.00 to Rs 623.25.

On the National Stock Exchange (NSE), pivotals, after moving in a narrow range, drifted lower on selling pressure from foreign institutional investors (FIIs) and bull operators. The S&P Cnx Nifty index fell by 13.25 points to 855.45 from 868.70 of the previous day. The total turnover was Rs 1,406.10 crore. About 415 securities gained, 484 lost and 102 remained steady. 26 scrips hit their price bands today. FIIs sold shares worth Rs 1328.74 lakh against their lower investment of Rs 693.18 lakh, showing an outflow of foreign exchange to the tune of Rs 635.56 lakh from the market.