The market opened higher and hit an Intra day high of 14283 mirroring a firm trend in Asian markets.

Nevertheless, the market dropped 83 points at the close and ended at 14080.34 on concerns that FII may pare their holdings following a circular from CBDT differentiating between trading and investment stocks for taxation purpose.

All the Indices closed negative except bankex.

The rupee surged ahead and closed as 40.78 /$

Additional News: The IPO of ICICI Bank opens today with a price band of Rs.885-950.