Indian Stock markets had a very volatile session. The markets started the day on a flat note, but soon touched all time high. As suggested by some Technical Analysts, the markets could not touch the 17000 level. The markets came down sharply and lost the early gains. Profit booking was cited as one reason and another was the Futures and Options closing for the month.

After opening positively at 16,352.32, The BSE benchmark index Sensex slipped into the negative zone in the morning trades because of weak global cues. IT sector continued to trade on really passive note owing to further rupee admiration. Rupee was quoting at 39.87 versus US dollar.

Asian stocks chop down from its eight-week record after Fed Reserve chairman Ben Bernanke expressed worries over the housing downturn situation in the US.