Mumbai: The SENSEX opened marginally lower and later suffered a sharp setback at early stages of the session in line with marked falls in key stocks at the Bombay Stock Exchange (BSE) on March 24 on selling triggered by fears that the war in Iraq could be longer than expected.

The market witnessed heavy sell-off from Indian Financial Institutions and operators after US-led forces reportedly suffered their biggest battlefield casualties so far in the Iraq campaign, raising concerns that the war could be more difficult than expected.

The BSE sensitive index opened slightly lower at 3216.06 as against last Friday's close of 3218.73 and later dipped to a low at 3180.06 before being quoted at 3183.08 at 10.30 am.

Stocks brokers said the market situation has changed now as reports indicated a long war in the gulf region, inducing operators to unwind positions.

The Unit Trust of India (UTI) is believed to be a major seller at the initial period, they added.

Heavyweights like RIL, SBI, Tisco, Satyam Computers, Telco, Infosys Tech, Ranbaxy Lab, HLL, HPCL, HCL Techno, Dr Reddy's and Zee Telefilms were quoted substantially down.

IT stocks bore the brunt of selling as the Nasdaq Futures quoted down by about 9.5 points early on March 24 morning.

Among the top losers, Shyam Tele were quoted down by 4.64 per cent, NIIT by 3.68 per cent, Hexaware by 3.40 per cent, Infotech Ent by 3.37 per cent, GTL Ltd by 3.34 per cent, Thermax by 3.33 per cent, Polaris by 3.19 per cent, SSI Ltd by 3.11 per cent and Visual by 3.04 per cent.

PTI