Mumbai: A weak corporate report card combined with Sars illness and a 10-day-long truckers' strike have pushed the benchmark Bombay Stock Exchange (BSE) Sensex to a six-month low of 2924, taking its losses in the last three weeks to 244 points or 8 per cent. But analysts expect the Sensex to be range-bound for the next couple of days since it lacks positive triggers.

Technology shares were the worst performers owing to bleak results and a grim outlook, contributing to over 50 per cent of the market fall. The other market sensitive factors, such as poor monsoon forecast, issues related to the value-added tax, fresh opposition to disinvestment programmes and a dull demand for cement and steel sectors, have contributed heavily to the fall in the old economy stocks.

Fast-moving consumer goods (FMCG), automobile companies and public sector units (PSUs) were the major losers in the market during the last three weeks. However, select banking and pharmaceutical stocks witnessed fresh buying.

"The market has turned bearish since the announcement of the Infosys results and, further, disappointing numbers by other companies has made the matter worse. Also, the Asian markets are running weak, leading to a sell-off at the tech counters," says Clifton DeSilva, director, Altina Securities.

The Sensex may lose another 50-odd points before it bounces back as it broke the crucial support level of 2930 on Friday, says A K Srivatsan, a technical analyst with Darashaw Broking and Investment.

PSU stocks lost their charm and witnessed selling pressure in the market after opposition parties staged a walkout in the parliament in protest against the disinvestment of oil PSUs. As a result, Hindustan Petroleum Corporation crashed by 10 per cent to close at a nearly 52-week low of Rs 271, while Bharat Petroleum Corporation lost 2 per cent to close at Rs 228.

Cement stocks were also ruling weak due to a sluggish demand. ACC nose-dived by 9 per cent to close at a 52-week low of Rs 128. However, Grasim gained nearly 3 per cent. FMCG stocks like Hindustan Lever (HLL) and Godrej have extended their recent slide on worries that another weak monsoon would adversely impact their bottomline.

HLL scrip slipped by 5 per cent to close at over five-year low of Rs 136. However, ITC was in demand on hope of a good result. Media stocks were also dumped on worries that their earnings would miss market expectations. However, TV-18 spurted by nearly 20 per cent to close at Rs 65.

Others like Zee, Sri Adhikari, Balaji Telefilms and Mukta Arts lost some ground. Steel stocks were beaten down due to the recent fall in international steel prices. Tisco slipped by 3 per cent to close at nearly a 52-week-low of Rs 128. Others like Steel Authority of India and Jindal Steel have also lost some ground.

Among the telecom stocks, Bharti Tele Ventures lost 7 per cent to close at Rs 31. The company reported a fourth quarter net profit of Rs 255.7 million against a net loss of Rs 639.2 million in the same period last year. Others like HFCL, Shyam Telecom, VSNL and MTNL lost some ground as well.