mumbai bulls on dalal street cooled their heels wednesday after the mammoth rally in the previous session mixed global cues pushed indices higher at the start till cautious investors began selling for profits uncertain of whether the momentum would last the sceptics doubts were confirmed after deutsche bank warned that credit market aftershocks stemming from the us sub prime crisis and slowing economic growth could hit its 2008 profits the bombay stock exchanges sensex dropped 13066 points or 081 per cent to end at 1608683 the index touched a high of 1630988 and low of 1600987 intraday biggest index losers were hindustan unilever down 431 icici bank 417 bharti airtel 375 dlf 307 jaiprakash associates 302 bhel 286 and reliance communications 225 major gainers comprised tata steel up 379 hdfc 273 itc 209 hdfc bank 164 satyam computer 047 and infosys technologies 02 national stock exchanges nifty closed 4865 points or 1 per cent lower at 482885 the index fell from a high of 491230 to a low of 480865 during the session sentiment has become comparatively less hesitant and a bit of sanity is coming back into the market but volatility is still very high on account of global uncertainties and thats causing a sense of discomfort said bharat dalal fund manager at dawnay day av financial services the immediate trend looks positive in nifty futures there is an unfilled gap between 4663 and 4732 till this gap is filled the bulls will have the upper hand nifty april is trading at a premium to march indicating long positions are being carried forward for the spot index if the 47604780 band holds it could go up to 49705000 levels he added but even as the near term situation seems optimistic any negative data released in the us could nip this recovery dalal said earlier today the head of caterpillar inc the worlds largest maker of earthmoving equipment said the us economy is probably in a recession and is unlikely to start recovering until late this year shares in europe were subdued while us index futures retreated following this news courtesy wwweconomictimesindiatimescom