Bombay stocks closed modestly lower Tuesday. The BSE Sensex dropped 2 points to 10,802. The major gainers on the BSE Sensex were State Bank Of India, up 2.8%, Hindustan Lever, up 1.5%, Reliance Industries, up 1.3%, HDFC, up 0.9%, and ONGC, up 0.8%. Tata Coffee gained 2.4% on reports that the firm will do a rights issue. ITC, the largest cigarette maker, was up 0.5% on news that the company has increased the prices of its best-selling Wills Navy Cut and Gold Flake range. India Cements moved up 0.6% on the news that the company will raise up to $75 million through foreign currency convertible bonds or other securities. Losers included Satyam Computers ( SAY), which shed 3%, and Hindalco, the aluminum major, which also slipped 3%. Tata Power and Ranbaxy Laboratories each fell 2%.