Mumbai: Stock prices ruled distinctly weak with the SENSEX falling below crucial 3100-psychological level at the Bombay Stock Exchange (BSE) at early stages on March 17 as war fears intensified after the US President held an emergency summit on Iraq.

US President George W Bush held an emergency summit on Iraq with their close allies on March 16 and said that March 17 was "a moment of truth for the world" and he would push for an Iraqi interim authority to build a Free Iraq.

As countdown begins for war, operators and retail investors rushed to sell their holdings at even prevailing low price levels to avoid heavy losses, a dealer said.

The BSE-30 share Sensitive Index, however, opened better at 3115.14 and gradually moved downwards to a low of 3060.08 before being quoted at 3062.55 at 10:45 hours (IST) as against the previous close of 3108.24.

Software counters bore the brunt of large-scale offloading by speculators and were quoted sharply lower.

On the contrary L&T and Grasim were quoted marginally higher after getting Securities and Exchange Board of India (SEBI)'s nod to open offer.

PTI