The market remained weak in mid-morning trade due to weakness in global equites. Reliance Industries recovered from an initial lows. Software and bank stocks witnessed selling pressure. Asian markets fell as investors sold financial shares on credit worries caused by the US subprime crisis.

The 30-share BSE Sensex was down 178.25 points or 0.92% at 19,111.58. It touched a low of 18,973.42 in early trade. At day's low of 18,973.42, Sensex had lost 316.41 points.

The broader S&P; CNX Nifty was down 69.90 points or 1.21% at 5712.45.

The BSE Mid-Cap index was down 0.28% at 7,963.92, while the BSE Small-Cap index was lower by 0.25% at 9,670.87.

The market breadth was weak. On BSE, 968 shares advanced, while 1306 declined. 68 shares were unchanged. 20 out of 30 shares fell on Sensex.

Banking stocks were down. The BSE Bankex lost 2.04% to 10,403.58. ICICI Bank shed 2.40% to Rs 1174.95, HDFC bank lost 2.35% to Rs 1580, State Bank of India gave away 2.36% to Rs 2214 and Axis bank dropped 2.90% to Rs 910.

Software stocks continued down trend on concerns of a rising rupee. The BSE IT index was down 0.90% to 4,304.33. Wipro fell 3.84% to Rs 459.75, TCS dropped 1.33% to Rs 984.85 and Infosys Technologies fell 0.63% to Rs 1732.85. IT stocks had slumped on Wednesday, 7 November 2007, due to a surge in rupee to a near decade high. Rising rupee hits software companies as they derive major revenues from the US.

Oil & gas stocks edged higher as crude oil prices hovered near record high. The BSE Oil & Gas index was up 0.16% to 11,707.43. Indian Oil Corporation gained 3.25% to Rs 519, GAIL India moved up 1.52% to Rs 464.25.

Reliance Industries (RIL) was up 0.55% to Rs 2777.90. RIL has reportedly bagged two oil blocks in Iraqs troubled Kurdish region.

Oil & Natural Gas Corporation fell 2.27% to Rs 1260 and Reliance Petroleum dropped 1.05% to Rs 216.45.

Select metal and mining stocks witnessed selling pressure. The BSE Metal index was down 1.07% to 17,181.88. Hindustan Zinc fell 2.39% to Rs 821, Jindal Saw dropped 1.18% to Rs 784, Sesa Goa declined 0.86% to Rs 3620. Hindalco gained 1.80% to Rs 192.05.

The capital goods stocks declined. The BSE Capital Goods index fell 0.53% to 19,634.38. Bharat Heavy Electrical fell 1.295 to Rs 2784.50, Siemens declined 1.01% to Rs 1737, BEML dropped 0.60% to Rs 1586.90 and Jaiprakash Associates fell 0.22% to Rs 1547.90. Larsen & Toubro gained 0.13% to Rs 4120.

Mahindra & Mahindra lost 0.39% to Rs 756.80. As per reports, Mahindra & Mahindra may be back in race for acquiring Ford's automobile brands.

Tata Tea fell 1.06% to Rs 785. Tata Tea and Coca-Cola India are learnt to be planning a strategic alliance to enter new categories in the Rs 69,000-crore Indian FMCG market. Both companies are in advanced talks in New Delhi to clinch an agreement, the report suggested.

Compact Disc India jumped 4.87% to Rs 73.15 after it secured an animation outsourcing contract worth $19.8 million from iMedia Ventures for a science fiction thriller film.

Pratibha Industries fell 1.78% to Rs 259 despite the company said that it has secured a Rs 58.92 crore contract to construct four residential towers. The project is to be completed within 33 months.

In Asia, Hong Kongs Hang Seng lost 3.65% to 28,623.49, Japans Nikkei 225 shed 2.635 to 15,672.91, South Koreas Seoul Composite lost 2.205 to 1,998.18 and Taiwans Taiwan Weighted fell 3.90% to 8,937.58.

The sell-off in stocks started on Wall Street following news of a probe of the US home loan industry by New York's attorney general and after Washington Mutual, the top US savings and loans firm, warned the housing downturn would extend well into next year. The Dow Jones industrial average sank 360.92 points, or 2.64% on Wednesday, 7 November 2007, to end at 13,300.02.

The Standard & Poor's 500 Index lost 44.65 points, or 2.94%, to 1,475.62 -- the index's worst percentage drop since 9 Aug 2007, when French bank BNP Paribas spooked global markets by freezing three funds due to subprime fears. The Nasdaq Composite Index slid 76.42 points to 2,748.76. General Motors added to the gloom by posting its biggest-ever quarterly loss due in part to a deeper-than-expected loss at former finance subsidiary GMAC.

The 30-share BSE Sensex lost 110.84 points or 0.57% at 19289.83 on Wednesday, 7 November 2007, with the index declining for a third day in a row. As per provisional data, FIIs bought shares worth a net Rs 431 crore on Wednesday, 7 November 2007. Domestic institutions bought shares worth a net Rs 95 crore on that day.

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