Sensex drops 34 points on heavy selling

MUMBAI APRIL 9. Heavy sell-off induced by fears of lower-than-expected Q4 results by IT bellwether Infosys Technologies drove key stocks sharply down and sent the Sensex reeling down to end 33.61 points lower for the second session in a row on the Bombay Stock Exchange here today.

Foreign institutional investors and local funds and operators reportedly were sellers in technology stocks on fears that the IT major, which would announce its last quarter results tomorrow, might not reach the market projections.

Depicting the slide, the BSE benchmark 30-share index opened substantially lower at 3160.74 and dropped further to the intra-day low of 3126.83 before ending at 3141.25 against yesterday's close of 3174.86, netting a loss of 33.61 points. The broad-based BSE-100 index eased by 13.31 points to 1560.64 from 1573.95.

Losses were more pronounced in technology sector as speculators heavily reduced their positions in key IT stocks such as Infosys and Satyam Computer.