Defying market trends worldwide, including the overnight gains on theNasdaq, the Sensex crashed 6.13 per cent to close at its six-month low of4372.22 against its Friday's close of 4657. And players are all overtlypessimistic about the short-run prospects of the market.

Although the markets in the morning were jittery about reports that thefinance ministry was investigating some recent dot-com buyouts and also somemutual funds, the report was promptly denied by the finance minister.

However, after opening with an upward gap, the Sensex headed southwardduring the rest of the day, as market players went looking for an acceptablereason to explain the fall.

However, after Monday's massive fall, market players are all looking atfurther erosion in the value of stock prices. According to Nikunj Modi atKisan Ratilal Choksey Shares & Securities, the market is now looking at asupport level of 4210, but even that is looking weak. ``There could only besome stock specific movement, but the prospects for the market as a wholelooks weak only,'' Modi said.

Agrees Hanuman Bhatia at Parag Parikh Financial Advisory Services, for whomthe Sensex is headed towards the 4000-level.

``Even positive FII investment figures over the whole of last month havebeen unable to lift the Sensex. And given that the net outstandings arecurrently less than Rs 2000 crore, the market has enough room to go up, butthere are no major drivers for a major rally,'' said Bhatia.

Technology stocks were the most hammered lot, with cement and pharmacounters also witnessing heavy selling. According to a BSE dealer, droughtin the five states is expected to make cement companies meet the expectedgrowth during the current fiscal. Against last fiscal's 20 per cent growth,the cement companies will find in extremely difficult to meet this levelthis year as the demand for cement in the drought hit areas are expected tofall drastically.

On Monday prices opened firm but immediately came under strong sellingpressure. The software sector continues to attract huge selling. As a resultof that, a large number of stocks also touched the increased circuit limitof 12 per cent.

For the non-software stocks also, the sentiment was extremely negative. Infact, index-based counters like HLL, Reliance, SBI, ITC, Ranbaxy, and ZeeTele came under strong selling pressure, and the impact was visible on thesensex.

Mirroring the sentiment, the sensex opened at 4736.02 points and improved toa peak of 4737.68 points. Before closing at 4372.22 points, it dipped to alow of 4344.51 points. Similarily, the Nifty also lost 72 points, and closedat 1334.35 points. The low for the day was 1319.65 points whereas the highfor the day was 1421.50 points.

Meanwhile, the total trading volume on the BSE stood at Rs 2350 crore, andthe same figure on the NSE stood at Rs 3224 crore.

At the same time, advances stood at 378, and number of advances stood at989. Around 82 stocks remained unchanged.

Meanwhile, stocks which gained more than 7.5 per cent were: Raymond,Cybermate, Mascon Global, Synergy Log, Yash Management, Tata Hydro, IECSoft, Webcity Info, Syncom Form, Sawca Comm. Other gainers for the day were:P&G, Cyberspace, Magan Ind, Modiluft, Sharp Ind, Principal Pharma.

At the same time, stocks which dipped more than 7.5 per cent were: SatyamComputers, HLL, HFCL, Sterlite, SSI, Pentamedia, Rel Capital, Rolta,Silverline, Wipro, Digital Equipment, Dr Reddy' Laboratories, DSQ Software,HCPL, Ranbaxy Laboratories, ICICI, BPL, Grasim, Cipla, Hughes Software,McDowell, Glaxo, VSNL, Hinduja Finance, BEL, Crompton Greaves, CorporationBank, Hind Lever Chemicals, Sun Pharmaceutical, Orient Info, Ashok Leyland.Other losers for the day were: Reliance, MTNL, NIIT, Tisco, ACC, ITC, HCLInfo, Moser Baer, Essel Packaging, TV 18, Bilt, LCC Info, Escorts, Kosoram,Novartis, Goldstone Techno, Nirma, Adam Comsoft, Henkle Spic, Hoechst Mar,LML, TVS Elect, Wockhardt, Tata Finance, Bits.