Sensex slips 700 points, Nifty breaks 4950, RIL dips 5%

The bleeding is profuse and the cut is just getting deeper as Indian equity benchmarks extended sell-off, following further fall in global markets and rupee depreciation. The 50-share NSE Nifty crashed 211 points to 4,922 and the 30-share BSE Sensex shed 708 points to 16,357.

European markets like France's CAC, Germany's DAX and Britain's FTSE plunged over 4%. The Dow Jones Futures fell 1.5% as Fed in the FOMC meet yesterday said there was a significant downside risks to US economy. This statement dampened the sentiment of investors globally.

On the home turf, Indian rupee fell to 49.14 per dollar, which points out to a major sell-off by foreign investors.

All the Nifty 50 stocks were in the red tick. Heavyweight Reliance Industries and Bharti Airtel plunged 5.3% each.

TCS, NTPC, HDFC Bank, SBI, Infosys, HDFC, ITC, L&T, Wipro, ICICI Bank, Tata Motors plummeted 3-5%. Sterlite Industries, SAIL and DLF were down 5.5-6.5%.

About seven shares crumbled for every share rising.