MUMBAI: Bears continued to off-load positions on fears of recession and economic slow-down. Benchmarks made new lows following sharp fall in index-heavyweights like Reliance Industries and Infosys Technologies. Market ignored the fall in inflation as traders continued to square positions. India's wholesale price index rose 11.44 per cent in the 12 months to Oct 4, below the previous week's annual rise of 11.80 percent. The rate was below a median forecast of 11.86 per cent. Vinod Nair of Religare Hichens Harrisons pointed out that the cooling off in global commodity prices has helped to bring down domestic inflation. Nair said that towards the middle of November, the high base effect of the previous year should help to possibly bring inflation down to single digits. Added Sujan Hajra of Anand Rathi, the slowdown in inflation was anticipated and I expect a further cooling down in the months ahead. At 11:30 am, Bombay Stock Exchange’s Sensex was at 10,057.53, down 751.59 points or 6.95 per cent. The 30-share index touched a new intra-day low of 10,027.80. National Stock Exchange’s Nifty was at 3,112.20, down 226.20 points or 6.78 per cent. The broader index touched a new intra-day low of 3,099.90. BSE Midcap Index was 5.46 per cent down and BSE Smallcap Index fell 5.50 per cent. Reliance industries (-11.67%) TCS (-11.55%), Hindalco Industries (-10.89%), Tata Power (-10.75%), Tata Motors (-10.65%), Wipro (-10.11%) and Jaiprakash Associates (-10.11%) were the top Sensex losers. Hindustan Unilever (2.23%) was the only gainer on the Sensex. In Asia, Nikkei plunged 11.41 per cent, Hang Seng lost 7.58 per cent, Straits Times shed 7.37 per cent and Kospi fell 9.44 per cent.

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