Mumbai, Oct. 22 (PTI): Stocks closed lower for the third day in a row today in volatile trading on the Bombay Stock Exchange (BSE) due to late sell-off by local mutual funds.
The BSE 30-share index closed lower at 4741.20 over yesterday's close of 4755.72, while the market players were expecting the sensex to touch 5,000 mark by Diwali.
The sensex, which rallied to the intra-day high at 4801.70, later fluctuated erratically in a range of about 95 points on alternate bouts of buying and selling, before ending at 4741.20.
The broad-based BSE-100 index dipped by 26.13 points to 2385.57 from the previous close of 2411.70.
Domestic funds, including private mutual funds, which have been continued sellers for the past couple of sessions, were seen booking profits at higher levels, market sources said.
However, select old economy heavyweights like Reliance Industries, Tisco, Tata Motors, State Bank of India, ITC, ICICI Bank and Dr Reddy's Lab recorded remarkable gains and considerably mitigated the sensex's downslide.