International Crude oil is trading with slight gains, however the domestic oil futures plunged in line with an overall fall in the commodities today. The super hit day in the Indian equity markets appealed the investors to remove funds from commodities and transfer it in equities to make quick money in the rally.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange opened up1305.97 points to 13,479.39. It surged to as high as 14272.6 rallying more than 2000 points and the trading was closed for today as the market again hit the upper circuit. The jump, triggered by Saturday’s victory of the United Progressive Alliance in the general elections, breached the circuit breaker kept to ensure the market doesn’t move up and down too quickly and too much, according to the BSE website.

The rupee jumped to 48.31 a dollar from 49.41 last week, after touching 48.235, the highest since Jan. 5. The rupee gained for a second day after Singh’s Congress party and its allies won 260 of the 541 seats in the lower house of India’s parliament, exceeding the most optimistic prediction in exit polls released after the election ended May 13.

Apart from India all the Asian share markets were falling after a negative lead from Wall Street. Japan’s Nikkei 225 was down 2.5% with Australia’s S&P/ASX 200 down 1.3% and South Korea’s Kospi Composite off 1.2%. New Zealand’s NZX-50 was 0.3% lower, with U.S. stock futures down a little in screen trade.

MCX new benchmark June 15 futures fell as much as Rs 78 at Rs 2750 per barrel and are now trading at Rs 2781 levels.

NYMEX Crude oil may fall in negative zone following the hit in the equities, right the June oil contract is trading up 41 cents at $ 56.75 per barrel. A lot would depend on the momentum in the European markets.

The U.S. dollar and euro were slipping against the Japanese yen on risk aversion, but with currency market trade a bit choppy at the start of the week. The greenback was at Y94.81 after dipping to Y94.69, from Y95.10 in New York on Friday, with the euro at Y127.37 from Y128.28 on Friday, and at $1.3439, from $1.3488.However dollar strengthened against higher-yielding currencies as Asian stocks extended a worldwide slump in equities, spurring demand for safer assets.