The market continued to gyrate at lower levels in afternoon trade. Most of the sectoral indices were in red. Reliance Industries lost further ground. ONGC plunged. Banking and metal stocks witnessed selling pressure. European markets opened weak.

The wholesale price index rose 2.97% in the 12 months 27 October 2007, below the previous week's rise of 3.02% and its lowest in more than five years, government data released today afternoon showed.

The 30-share BSE Sensex was down 264.54 points or 1.37% at 19,025.29. 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 102 points or 1.76% at 5680.35.

The BSE Mid-Cap index was down 0.44% at 7,950.71, while the BSE Small-Cap index was lower by 0.21% at 9,674.44.

The market breadth was negetive. On BSE, 1125 shares advanced, while 1460 declined and 68 shares were unchanged. 19 out of 30 Sensex stocks were in the red.

Index heavyweight, Reliance Industries (RIL) dropped 1.22% to Rs 2729, off session's high of Rs Rs 2797. RIL has reportedly bagged two oil blocks in Iraqs troubled Kurdish region.

IT bellwether Infosys Technologies lost 1.49% to Rs 1717.95.

Oil & natural Gas Corporation (ONGC) was down 3.87% to Rs 1239.80. Bharat Heavy Electricals (Bhel) lost 1.28% to Rs 2784.90.

Telecom stocks slipped. Bharti Airtel shed 4.97% to Rs 855, Reliance Communication was down 2.32% to Rs 708.90, and Idea Cellular shed 1.79% to Rs 126.10.

ACC gained 3.41% to Rs 1062.80, Housing Development & Finance Corporation moved up 1.73% to Rs 2615, Hindalco Industries 1.51% to Rs 191.50 and Reliance energy rose 1.25% to Rs 1841.90.

The BSE Metal index fell 2.58% at 16,919.02. Sterlite Industries slumped 6.15% to Rs 995, Steel Authority of India dropped 3.03% to Rs 243.50 and Tata Steel skid 1.40% to Rs 848. Hindalco Industries held firm. It was up 1.25% to Rs 191.

The BSE Banking index fell 2.59% to 10,345.06. ICICI Bank lost 2.97% to Rs 1168, State Bank of India fell 3.28% to Rs 2193 and HDFC Bank slipped 3.46% to Rs 1562.

European markets opened weak. Key Eurpean indices were trading lower by between 0.35% to.1.39%.

In Asia, Hong Kongs Hang Seng lost 3.06% to 28,800.32, Japans Nikkei 225 shed 2.02% to 15,771.57, South Koreas Seoul Composite lost 3.11% to 1,979.56 and Taiwans Taiwan Weighted fell 3.90% to 8,937.58.

Asian and European markets fell as investors sold financial shares on credit worries after Wall Street tumbled on Wednesday as a probe of the home loan industry by New York's attorney general drew in the country's biggest mortgage finance companies.

The sell-off in stocks started on Wall Street on Wednesday, 7 November 2007. 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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