Due to heavy selling in IT, oil and gas stocks, the market slipped further downwards this afternoon.

Weak IIP numbers and the negative response on the Asian and European markets contributed to the sell-off on the stock markets.  

Index for industrial production (IIP) fell marginally to 2% during December 2008 as against 2.4% (revised) in the previous month (November 2008).

Realty and Auto stocks were trading up and gained 2.34% and 1.32% respectively.

BSE Midcap index was up by 0.41%, whereas BSE Smallcap index gained 0.84%.

For the week ended January 31, 2009, India’s benchmark wholesale price index (WPI), inflation fell further to 4.39% as against 5.07% a week ago.

At 01.55 p.m., the 30-share index Sensex stood at 9,495.84, down 122.70 points, after hitting a high of 9,580.13 and a low of 9,476.96.

Meanwhile the broad based Nifty was trading lower by 26.50 points at 2,899.20 after touching a high of 2,939.00 and a low of 2,892.20.

Biggest gainers in the 30-share index were Mahindra & Mahindra (5.29%), ACC (3.16%), D L F (3.15%), Reliance Capital (2.26%), Housing Development Finance Corporation (1.46%), and Reliance Communications (1.40%).

On the other hand, Ranbaxy Laboratories (8.07%), Tata Steel (5.15%), Grasim Industries (4.14%), Oil & Natural Gas Corporation (3.79%), Infosys Technologies (3.60%), and Sterlite Industries (India) (3.24%) were the biggest losers in the Sensex.