Mumbai: The SENSEX opened weak and dropped sharply to a low of 2,938.73 immediately after trading resumed on the Bombay Stock Exchange (BSE) on July 31 in the wake of fresh onslaught by speculators as well as domestic funds.

Though foreign institutional investors (FIIs), which have slowed down activity in the past few days, were net buyers to the tune of Rs 84 crore on July 29, domestic investors seemed to be worried over prolonged dry spell.

Selling remained unabated as the market turned jittery as Agriculture Minister Ajit Singh reportedly termed the drought situation as alarming, brokers said.

The BSE Sensitive Index opened moderately lower at 2,981.05 as against a close of 2,990.91 on July 30 and later dropped to a low of 2,938.73 before being quoted at 2,950.17 at 10:30 hours (IST).

Meanwhile, the NASDAQ composite index finished in the positive territory gaining 9.84 points while the Dow Jones industrial average eased by 31.85 points on July 30 night.

PTI