This paper investigates the short term speculative trade performance of institutional & foreign investors using daily buying & selling flows from Indian equity market. The sample period covers the impact of US crisis in India. We examine investor behaviour before, during & after this crisis by dividing our data into three sub periods: namely, from 10 July 2006 to 10 Jan 2008 378 trading days for before the crisis, from 11 Jan 2008 to 16 July 2009 366 trading days for during the crisis and 17 July to July 2010 212 trading days for after the crisis respectively.