Mumbai: Share prices reacted downwards after resuming on a positive note at the Bombay Stock Exchange (BSE) early on January 29 following profit-selling by operators in the absence of follow-up support from institutional investors.

The BSE-30 share sensitive index opened better at 3,273.78 and immediately touched a high of 3,275.92. Later, higher levels attracted profit-booking and it fell back to the low of 3,245.59 before being quoted at 3,252.73 at 10.30 am (IST) as against January 28 close of 3,267.84.

Dr Reddy's Lab and Zee Telefilms, shares from index family, bore the brunt of heavy selling on lower-than-expected third quarter working results, while Polaris Software rallied smartly on better-than expected numbers for the third quarter.

Second-top heavyweight Hindustan Lever Limited (HLL) dropped sharply on large-scale offloading by institutional investors ahead of the board meeting on January 29 on expectation of lower growth in the net profit.

Telecom shares like MTNL and Bharti Televentures were in keen demand in anticipation of increase in profit margins after announcement of fresh tariff plan by Telecom Regulatory Authority of India (TRAI).

Select Information Technology (IT) shares, after resuming higher, eased moderately on some selling pressure, despite a positive trend on Wall Street where the tech- heavy NASDAQ composite index and the Dow Jones industrial average rose by 16.91 points and 99.28 points on January 28 night respectively.

PTI