mumbai the bse sensex on monday lost over two per cent or 78 points to close at 356958 while the nse nifty index lost 2420 points to close at 111580as foreign institutional investors fiis tightened purchases for the fourth consecutive trading session and derivative traders started liquidating positions stock prices led by technology scrips took a big tumblemarket sources said that hedge funds and individual investors started selling aggressively while several fiis have maintained their positions during the last three trading sessions net fii inflows have been marginal as sales of rs 50 crore has been matched by equivalent purchases technology stocks led by satyam computer and digital globalsoft witnessed tremendous selling pressure with satyam dropping over 5 per cent to rs 165infosys despite initial gains tumbled 3 per cent to rs 3279 and hcl technologies lost 2 per cent to rs 155 digital globalsoft too closed in the red after the company announced unimpressive third quarter resultsother major losers were old economy stocks like hll which ended at rs 147 down four per cent and itc which closed rs 21 down at rs 723 psu stocks like hpcl bhel and mtnl bore the brunt of selling pressuremarkets were quite overdue for a correction and mondays fall is quite in line with expectations however the overall undercurrent is quite positive and these corrections are quite inevitable for a bull run said a birla sunlife fund managerduring the past few trading sessions whenever there was a market correction the overall trading volumes were not substantial which only indicates that the selling pressure has not been from institutional players few hedge funds have started exiting and mostly individual investors have triggered the recent bouts of selling the fund manager addedfiis have sold debt securities worth rs 492 crore till july 21 as most of their investments made in marchapril have matured debt market dealers said that fiis are not keen to rollover their investments as arbitrage opportunities have narrowedanalysts said that while fiis have not exited from their positions hedge funds who took large positions on old economy and technology counters have started exiting after booking their profits which is dragging the indices