The market was not able to capitalise after firm early start and immediately slipped in negative zone. A bout of volatility was seen in early trade ahead of the crucial decision on oil price hike later in the day. Buying demand in mid-cap and small-cap stocks kept the market breadth positive. Asian markets were mixed.

At 10:27 IST, the 30-share BSE Sensex was down 67.61 points or 0.42% at 16903.98. Sensex gained 30.34 points at its high of 15992.90 touched during early trade. It lost 76.61 points at day's low of 15,885.95, touched in early trade.

The broader based S&P; CNX Nifty was down 8.8 points or 0.19% at 4,707.1.

The market breadth was positive on BSE with 946 shares advancing as compared to 613 that declined. 42 remained unchanged.

Among the 30-member Sensex pack, 21 declined while the rest gained.

The BSE Mid-Cap index rose 0.48% to 6547.30 and BSE Small-Cap index rose 0.46% to 7,918.86. Both these indices outperformed Sensex.

Indias largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) was down 0.95% to Rs 2383.90.

IT stocks declined. Infosys (down 1.43% to Rs 1,895), Tata Consultancy Services (down 0.8% to Rs 971), Satyam Computer Services (down 0.25% to Rs 498.50) and Wipro (down 0.66% to Rs 500.40) edged lower.

Auto stocks were subdued ahead of crucial decision on oil price hike. Maruti Suzuki India (down 2.07% to Rs 770.15), Hero Honda Motors (down 1.5% to Rs 786.05), Mahindra & Mahindra (down 0.66% to Rs 587), Tata Motors (down 0.75% to Rs 566) and Bajaj Auto (down 0.02% to Rs 580) edged lower.

Anus Laboratories was trading at a premium of 30.1% to Rs 274.20 on its debut on bourses today. The company had fixed offer price of Rs 210.

Gokul Refoils and Solvent was trading at a premium of 7.97% to Rs 211 on its debut today. The company had fixed offer price of Rs 95.

Asian markets were trading mixed today, 4 June 2008. Nikkei 225 index Taiwan's Taiwan Weighted, Singapore's Straits Times, South Korea's Seoul Composite rose between 0.18% to 0.97%.

However, China's Shanghai Composite (down 2.57% at 3,348.18) and Hang Seng (down 0.24% at 24,316.86) slipped.

US markets declined in volatile session yesterday, 3 June 2008 led by growing speculation that Lehman Brothers will be forced to raise more capital and a drop in oil prices pushed down energy companies. The Dow Jones industrial average declined 100.97 points, or 0.81%, to 12,402.85. The S&P; 500 index slipped 8.02 points, or 0.58%, to 1,377.65, while the Nasdaq Composite index was down 11.05 points, or 0.44%, to 2,480.48.

US light crude for July delivery fell 34 cents to $123.97 a barrel today, 4 June 2008, triggered by a rallying dollar as traders awaited U.S. data expected to show rising oil stocks. London Brent crude for July delivery fell 38 cents to $124.20 a barrel.

Back home, the market staged a smart intra-day rebound in second half of the days trading session yesterday, 3 June 2008, led by recovery in Reliance Industries (RIL). Panic selling in early trade by wary investors kept market depressed in the first half. The 30-share BSE Sensex settled 100.62 points or 0.63% lower at 15,962.56 and the broader based S&P; CNX Nifty fell 23.70 points or 0.5% at 4,715.90, on that day.

As per provisional data, foreign funds sold shares worth a net Rs 1020.70 crore yesterday, 3 June 2008. Domestic funds bought shares worth a net Rs 262.49 crore on that day.

Foreign institutional investors (FIIs) were net sellers of Rs 858.65 crore in the futures & options segment yesterday, 3 June 2008. They were net sellers of index futures to the tune of Rs 1394.78 crore and bought index options worth Rs 548.79 crore. They were net sellers of stock futures to the tune of Rs 96.59 crore and bought stock options worth Rs 83.93 crore.

Meanwhile, mutual funds have reportedly managed to increase their assets under management (AUM) by 5.36% in May 2008, helped by fresh investments in fixed income funds. The collective AUM rose by 30,576.72 crore in May 2008, according to the data released by the Associations of Mutual Fund in India (AMFI).

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