NEW YORK, JUNE 24 -- The stock market fell in mostly active trading today, as many investors continued selling shares to cash in profits from the 11-session rally that ended Tuesday.

The Dow Jones average of 30 industrials fell 11.32 points to 2428.41.

Declining issues outpaced gainers by about 3-to-2 on the New York Stock Exchange.

Big Board volume totaled 153.76 million shares, down from 194.20 million in Tuesday's session.

Some analysts said Wall Street had been ripe for a decline after its recent extended advance.

"The market is sort of digesting the move it's made over the last couple of weeks," said William Tiritilli, vice president for research at Rodman & Renshaw, a brokerage firm in Chicago. "There's still a lot of skittishness out there as to what's going to happen."

Stock prices also were dampened for a second day by a weaker dollar and declining bond prices, analysts suggested. The dollar's resilience and the resulting strength in bond prices had been buttressing stocks in recent sessions.

The dollar dropped against all major foreign currencies today, sending bond prices lower and interest rates higher on speculation that more expensive imports could rekindle inflation.

After an initial decline, the market advanced in early trading, but it turned mixed around midday and remained on the downside for the rest of the session.

Analysts said Wall Street shrugged off news that foreign investment in the United States climbed 13.4 percent in 1986 to $209.3 billion, with just three countries accounting for almost three-quarters of the increase.

Stock prices were supported somewhat by a jump in International Business Machine Corp.'s stock price, analysts said. IBM rose 1 1/4 to 166 1/8, boosted by the firm's statements that it expects record sales of its personal computers this year.

"IBM is a big psychological stock," said Bill Raftery, an analyst for Smith Barney, Harris Upham & Co. "It kept the selling pressure off the market for a while."

Dayton Hudson fell 2 1/8 to 51. On Tuesday, a Cincinnati portfolio manager made a purported $70-a-share buyout offer for the retailing company that was later discredited.

Nationwide turnover in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 181.60 million shares. The NYSE index was down 0.82, at 172.40.

Standard & Poor's index of 400 industrials fell 1.58 to 356.36, and S&P's 500-stock composite index fell 1.57 at 306.86. At the American Stock Exchange, the market value index fell 0.92 to 337.27. The Nasdaq composite index closed at 427.26, down 0.72.