The BSE sensitive index declined from the inter-day high of 3288.18 to 3228.94 before closing at 3233.86, with a net loss of 47.43 points as against the previous close of 3281.29. The BSE-100 index declined by 19.50 points to 1435.09 as against the previous close of 1455.81.

Brokers said that operators preferred to square off their long-positions due to lack of clear directions of the budget proposals. The marketmen were not sure of any revival package for the textile and steel industry which has been discussed among them in recent days. Software counters witnessed mixed trend, while pharma and other shares suffered moderate losses on selling pressure. A few counters like, Citicorp Securities, Reliance, Ion Exchange, Digital Equip could register impressive gains.

The total volumeof business was better at Rs 1216.20 crore compared to yesterday's turnover of Rs 1047.84 crore. Among the top traded scrips, Pentafour Software again took the first place with a turnover of Rs 172.73 crore followed by ITC Rs 107.71 crore, Satyam Computer Rs 97.23 crore, Reliance Rs 91.87 crore and Zee Telefilms Rs 68.42 crore.

Pentafour Software declined by Rs 11.50 to Rs 803.50 and ITC by Rs 24.25 to Rs 775. Satyam Computer, however, firmed up by Rs 14.75 to Rs 920 and Zee Telefilms by Rs 24.75 to Rs 662.25 on short covering.

The BSE has kept a special session on Saturday from 10.25 am to 4 pm on the occasion of the budget presentation.