Mumbai: The sensex opened weak and continued its downward march in line with persistent slide in stocks during morning trading on the Stock Exchange today (Feb 24, 2004) due to sustained selling pressure from operators and retailers.

The BSE Benchmark 30-share Index opened moderately lower at 5686.81 as against yesterday's (Feb 23, 2004) close of 5698.04 and later dropped further to a low at 5651.81 before being quoted at 5681.05 at 10.30 hrs (IST).

Operators and retailers were seen squaring up their holding due to the approaching end of derivatives settlement on Thursday (Feb 26, 2004).

Retailers seemed to be keen in pulling out investments to subscribe to forthcoming key public offers in the primary market by the Government of its stake in major companies.

Brokers said FIIs, which were net buyers to the tune of Rs 1429 crore during last week, were engaged in risk free arbitrage transactions in derivatives segment.

Key counters like RIL, Bharti Televentures, BSES, Grasim, ICICI Bank, ITC, Infosys Tech, Wipro and HPCL were quoted moderately lower on selling pressure.

However, Tisco, Tata Motor, Tata Power, ONGC, L&T and Bajaj Auto showed moderate gains on some buying support.

However, VSNL, IDBI, IPCA, Adani Exports, Hero Honda, Fed Bank and Chennai Petro showed remarkable gains.