FIIs' selling in the cash and derivatives market triggered yet another fall in the markets today with the Sensex losing over 800 points and the Nifty dropping over 250 points since July 7, 2006. FIIs have been net sellers in the last three consecutive days, both in cash and futures, to the tune of Rs 3,249 crore. FIIs sold shares worth Rs 1,359 crore in cash and Rs 1,890 crore in the F&O market.Outlook remains weak with analysts at HDFC Securities asking investors to build short positions and move out of longs. "The Sensex rally from 8,900 to 10,940 was corrective in nature, and is nearing its end now. The correction got aggravated by FII selling, and the brokerage is recommending shorts or staying in cash. The outlook thus remains extremely bearish, and it is advisable to at least hedge long positions by buying Nifty Put options," the brokerage said. Mahesh Kumar Bhatia, a BSE broker, told Business Standard that with FIIs back in the sell mode once again, recovery at this point of time is very difficult. "Oil prices above $75 per barrel have also weakened sentiment. Operators and retail investors, who had lost heavily in the recent meltdown, are now afraid take any position," he added.