Mumbai: After resisting to close to below 5100-mark for two consecutive sessions, the market today (Aug 18, 2004) lost by 65 points to end near one-month low at 5038.28 on fairly heavy sell-off by domestic investors in reaction to gradual withdrawal by Foreign Institutional Investors (FIIs).

The BSE Benchmark 30-share Index, which stayed above 5100 level in the last two days, gradually moved downwards after opening steady at 5103.97 and ended the day at 5038.28 as against yesterday's close of 5102.94, a net fall of 64.66 points or 1.27 per cent.

FIIs were believed to be heavy sellers in a number of key stocks. FIIs reported net sales throughout last week except for a block deal worth Rs 960 crore. Warburg Pincus, a leading foreign private equity investor in India, lowered 3.5 per cent stake in Bharti Tele-Venture last Friday.

The market totally discounted a likely cut in customs duty on petrol and diesel even as twin negative factors of prevailing higher rate of inflation and crude oil prices continued to dog the market.

World oil prices stayed above $ 45-level after hitting new peaks on worries over supply disruptions in Russia and Iraq. New York's reference contract, light sweet crude for September delivery held at $ 46.68 per barrel during pre-opening, while September crude futures traded at $ 45.91 a barrel yesterday.

Heavyweighted counters like RIL, Tisco, Tata Motors, HLL, GACL, BHEL, Dr Reddy's Lab, MUL, Satyam Computers, SBI, ITC, ICICI Bank, HPCL, Cipla, Ranbaxy and some others recorded sharp falls.