Sensex fell 288 points to 59544

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A recent session's rally in stocks faded on the first full day amid a holiday mood

Mumbai: After a universal rally in stocks in yesterday's Muhurta trading session of Samvat 2079, foreign funds booked profits on the first full trading day of the year today. Foreign funds seized the opportunity to ease the rally in stocks against initial buying in stocks by local funds amid the absence of many investors from the market due to the holiday mood after Diwali.

Finance-banking stocks fell 2.6 percent in Bajaj Finserv, 1.5 percent in Bajaj Finance, 1.5 percent in HDFC Ltd, 2.5 percent in Kotak Mahindra Bank, and 3 percent in FMCG stocks Nestlé India, 2.7 in Hindustan Unilever, with funds selling in Reliance Industries. Sensex fell by 287.70 points to close at 59543.90 at the end of the rout due to selling in stocks including Axis Bank, HDFC Bank, IndusInd Bank, Asian Paints. While the Nifty spot closed down 74.40 points to 17,656.30.

Selective buying by local funds in IT giant Maruti Suzuki, State Bank of India, Infosys, Sun Pharma, Mahindra & Mahindra, Larsen & Toubro, Dr.Reddy's Laboratories, Ultratech Cement, NTPC, along with IT giant Mahindra halted the index-based major erosion.

International crude oil prices dropped due to the possibility of a slowdown in fuel demand amid the global economic recession, with Brent down $1.44 to $91.82 and Nymax down $1.30 to $83.29.

In the global stock markets today, there was an overall softness in the markets of Asia, Europe, the rise in the Indian markets was seen cautiously. Bankex fell 263.30 points to 47116.99 due to selling in banking stocks. BSE Auto Index gained 359 points on the attraction in auto stocks.

BSE Capital Goods Index rose by 400.51 points as BHEL rose by 7.62 percent, LG Equipment by 4 percent, Hindustan Aeronautics by 3.7 percent, Bharat Forge by 2.6 percent. Market breadth turned negative due to extensive profit selling in small, mid cap stocks as well. Out of the total 3529 scrips traded in BSE, the number of decliners was 1974 and the number of gainers was 1444.

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