But for the software stocks, the Sensex would have seen much higher erosion. Software stocks also contributed to the volume picture. The volume in advance went up from Rs 1440 crore to Rs 1597 crore, while the actual number of scrips in advance went down from 953 to 725.

The volume in decline went up from Rs 696 crore to Rs 998 crore, while the number of scrips in decline went up from 856 to 1125. The total volume at BSE went up from Rs 2137 crore to Rs 2615 crore. On the technical side, the daily stochastic indicator is still in positive territory. The RSI indicator has not managed to cut above its trigger line for quite some time now. In fact, this index was recovering from the oversold region and would have crossed the trigger line if the recovery had continued.

The S&P Nifty has stayed above the 1350 level in terms of its closing in the last four sessions. In the last three sessions,the Nifty has fluctuated between 1330 to 1379, a range of more than three percent. On Tuesday, it closed at 1351. Here too, the daily stochastic indicator is in positive territory. This would mean the market is still on the buy mode for short term. Further sustained fall could change this.

Infotech and Pharma stocks were firm and advanced during the day. NIIT, Infosys, Silverline and Digital were strong. On the pharma front, Glaxo, Cipla, Dabur, Hoechst were bullish. The downmood of the market could not stop some scrips posting eight per cent gain. It is difficult to figure out if the NSE weekend contributed to the downtrend.

Last Thursday, there was a scare of possible high badla rates. And this could have led to shifting of positions from BSE to NSE. But the badla rates turned out reasonable. But with the overall trend not very encouraging, it is quite likely these carry overs were squared off at NSE. That could be one reason for the accentuated bearish mood. Only on Wednesday can one confirm it one wayor another. With FIIs concentrating only on a clutch of scrips, there could be a tussle between bears and bulls on other counters.