Sensex's 559-point rally eventually washed out, falling 38 points to 57107.

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Mumbai: Due to the continuous erosion of global currencies against the US dollar, many countries began to face economic crisis, while in the US too, in order to control the inflation, amid reports of a major recession and crisis, behind the US stock markets, the global markets were cautious today. In the Indian stock markets today too, funds largely offloaded the rally in several stocks, showing a deceptive rally that softened the bullish trade. The rupee strengthened by a modest four paise to 81.58 against the US dollar today as international crude oil prices fell amid fears of a global financial crisis, but funds continued to exit at every bounce as the undertone of rupee weakness loomed large for the Indian economy. In two days, foreign funds, which sold net cash of Rs.8000 crore in stocks, adopted cash on hand strategy and sold stocks in view of the deteriorating global situation. Foreign portfolio investors sold a further Rs 2,824 crore worth of stocks today, resulting in a net sale of Rs 10,825 crore worth of stocks in the last three trading days.

Sensex ended 37 points lower at 57,107 in heavy volatility after an early rally of 559 points.

The Sensex went up to 57704.57 from an initial jump of 559.35 points and closed down 37.70 points at 57107.52 at the end of heavy volatility. While the spot Nifty went up to 17176.45 after an initial jump of 160.15 points and finally closed down 8.90 points to close at 17007.40. There was offloading of funds in banking-finance, automobile, consumer durables, power-capital goods, metal-mining stocks. While IT stocks remained overbought, Healthcare-Pharmaceuticals, Oil-Gas stocks took back Reliance and FMCG stocks were overbought. With every surge in small, mid-cap stocks, the offloading of funds, operators was rife with whispers of even bigger gaps in the stocks.

Bankex falls by 347 points: Kotak Bank falls by Rs.28 to Rs.1801: State Bank, ICICI fall

Banking stocks continued to sell on the prospect of a half to a quarter percent hike in interest rates on Reserve Bank of India's credit policy review. The BSE Bankex index fell 347.11 points to close at 43896.57. Kotak Mahindra Bank fell by Rs.27.80 to Rs.1801.25, State Bank of India fell by Rs.7.55 to Rs.536.25, ICICI Bank fell by Rs.8.25 to Rs.852.85, HDFC Bank by Rs.10 .85 decreased to Rs.1414.35. J&K Bank fell by Rs.1.70 to Rs.27.95, Can Fin Homes fell by Rs.16.30 to Rs.462, Tourism Finance fell by Rs.3.45 to Rs.69.55.

Bullish movement again in Reliance: Rs.18 up to Rs.2395: Indraprastha Gas, Gujarat Gas bullish

International prices of crude oil fell and Brent dropped to below 85 dollars yesterday, with Nymax crude also reaching the level of 77 dollars. Indraprastha Gas increased by Rs.26.95 to Rs.422.75, Gujarat Gas increased by Rs.28.45 to Rs.516.55, BPCL increased by Rs.5.65 to Rs.310.65, ONGC increased by Rs.1.5 to Rs. 124.50, Reliance Industries rose by Rs.17.90 to Rs.2395.40.

Continued attraction in IT stocks: Quick Hill, Mindtree, L&T, Infosys, TCS rose

IT-Software Services, Technology stocks today were the second day in a row that funds were picked on strength with recovery in the US stock market Nasdaq. Quick Hill rose by Rs.10.20 to Rs.198.35, Coforge rose by Rs.78.30 to Rs.3462.75, Oracle Finserv rose by Rs.45.25 to Rs.3001.25, HCL Technology rose by Rs.11.35 to Rs. 918.25, Infosys increased by Rs.12.45 to Rs.1392.20, TCS increased by Rs.23.90 to Rs.3018.65. Among the healthcare stocks today, Cipla, Dr. Lal Pathlab, Granules India, Coperan, Abbott India were attractive.

FPI/FIIs' massive net selling of Rs.2824 crore in cash : DIIs' net buying of Rs.3505 crore

Foreign Portfolio Investors-FPIs, Foreign Institutional Investors-FIIs had a massive net sale of Rs.2823.96 crore worth of shares in cash segment today-Tuesday. A total of Rs.10,245.52 crores were sold against a total purchase of Rs.7421.56 crores. Thus, there has been a massive net sale of Rs.10825 crores worth of shares by FPIs-FIIs in the last three trading days.

While DII-domestic institutional investors made a net purchase of Rs.3504.76 crore in the cash segment today. A total of Rs.5324.46 crore was sold against a total purchase of Rs.8829.22 crore. Market breadth turned from negative to positive with short selection in small, mid cap stocks. But in the last hour many stocks again jumped and funds, operators were sold. Out of the total 3540 scrips traded in BSE, the number of gainers was 1769 and the number of decliners was 1639.

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