Mumbai: The SENSEX opened marginally lower and later dropped sharply below the 3,000- psychological mark at early stages as investors disappointed by Infosys Tech's poor outlook for 2003-04, continued their sell-off in key IT stocks on the Bombay Stock Exchange (BSE) on April 11.

However, the BSE barometer bounced back after touching a low of 2,984.19, in line with a smart rebound in heavyweights like RIL, Infosys Tech, Satyam Computers and HCL Tech on fairly good purchases in these counters by domestic funds led by Life Insurance Corporation (LIC), brokers said.

The BSE benchmark 30-share index opened moderately lower at 3,030.46 as against April 10 close of 3,035.33 and later dropped below 3,000-level before being quoted at 3,038.82 at 10.30 am (IST).

Foreign institutional investors (FIIs), who had been continuous net buyers since April 3, reportedly pressed heavy sales during the last couple of sessions after Infosys Tech, which outdid its own revised guidance for the fiscal 2002-03, announced disappointing projections for 2003-04.

Brokers expect the market to remain under pressure saying that the recovery would take longer period in view of several negative factors guided by global developments.

PTI