Mumbai: Select heavyweight counters moved further downwards, pushing the SENSEX in negative terrain for fourth successive session on the Bombay Stock Exchange (BSE) on January 7 largely due to selective selling by domestic funds and slowdown in FII (Foreign Institutional Investors) activity.

The BSE Benchmark 30-share Index opened remarkably higher at 3350.18 and later moved in an extremely narrow range between 3352.43 and 3320.42 before ending at 3330.50 as against yesterday's close of 3334.89, netting a minor fall of 4.30 points.

The broad-based BSE-100 Index eased by 1.04 points to 1652.65 from previous close of 1653.69.

However, Pharma stocks like Cipla, Dr Reddy's Lab and Glaxo, besides HPCL, ITC, L&T and Zee Telefilms attracted some investment buying and finished with moderate gains.

FIIs, which have slowed down activity and were net sellers to the tune of Rs 51 crore in the first three sessions of the new year, seemed to be pulling out from Indian markets and investing their funds in the U.S. stocks on hopes of revival of economic package.

FIIs reportedly pressed sales in software counters like Infosys Technologies, Satyam Computers and a few others.

Domestic funds were believed to have been sellers in key stocks like ACC, Hero Honda, MTNL and some others.

Hexaware Tech and IBP Co witnessed brisk activity and scored impressive gains on heavy buying support.

PTI