Sensex (BSE sensitive index) dropped from 3754.73 to the day's low of 3684.18 before closing at 3686.29 with a net loss of 53.67 points compared to the previous level of 3739.96. The BSE-100 index moved down by 17.50 points to 1633.87 from the previous close of 1651.37. Brokers said FIIs were net buyers in software scrips, particularly Satyam Computers and Digital Equipment. Local operators were mainly sellers in view of the last day of the current settlement following a holiday tomorrow on account of "Good Friday" as well as fears of high badla at the Calcutta Stock Exchange.

Marketmen discounted the government's fresh round of trade reforms in its modified Exim Policy announced yesterday, effect of which is expected to be seen only on Monday when thenew account begins. Most of the heavy weighted index scrips suffered a sharp setback contributing to the Sensex losses.The volume of business was sharply up at Rs 1730.77 crore compared to yesterday's turnover of Rs 1493.21 crore. Pentafour Software dipped by Rs 4 to Rs 1251, ITC by Rs 18.25 to Rs 944.75, Hindustan Lever by Rs 44 to Rs 2220, SBI by Rs 7.40 to Rs 206, Telco by Rs 2.60 to Rs 166.60, Ranbaxy by Rs 28 to Rs 637 and Tisco by Rs 2.90 to Rs 100.80. However, Satyam Computer spurted by Rs 78 to Rs 1700, Digital Equipment by Rs 30.75 to Rs 419.75, ACC Rs 47.50 to Rs 1484 and Reliance by Rs 1.20 to Rs 131.60.