The Bombay Stock Exchange benchmark Sensex dipped below the 16,000 points level in afternoon trade on Friday for the first time in 15 months on panic selling driven by a meltdown in global markets.
The Sensex plunged by 481.01 points to 15,988.78 at 2,15pm today -- a level last seen on May 25, 2010 -- on continued selling amid concerns over the faltering US economy and Europe's debt crisis, which could lead to a slowdown in global economic growth.
At the same time, the National Stock Exchange Nifty index sank beneath the crucial 4,800 points level, losing 145.15 points to 4,799.
The trading sentiment remained bearish as Asian stocks tanked and European stocks opened lower amid growing fears of a fresh recession for the world economy, brokers.
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