Mumbai, May 21: Led by refinery stocks, the market continued its downslide for the second successive day and dropped sharply by 127 points to a low of 4804.90 within minutes of resumption of trading on the Bombay Stock Exchange today. The BSE benchmark 30-share index opened weak at 4922.48 and later crashed suddenly to a low of 4904.90 before being quoted at 4829.35 at 10.30 am against yesterday's close of 4932.11, down by 102.76 points. Brokers said the market reacted negatively as there was nothing of interest for the stock market in the priorities outlined yesterday by Prime Minister-designate Manmohan Singh.
Uncertainty over allocation of key portfolios among the allies was also cited to be one reason, they said.
Foreign institutional investors (FIIS), which have been net sellers to the tune of Rs 2992 crore in the current month till may 19, made sales of Rs 342 crore in the first three sessions. They were also believed to be sellers this morning. Retailers including mutual funds were also seen unwinding positions at the weekend. Almost all the index-based counters were quoted with sharp to moderate falls at early stages. Bureau Report