Global Market worldwide were down by more than 2.5%, Sensex closed down 447 points at 16,022 while, Nifty was down 137 points and finally closed at 4,807, Markets seemed to loose its grip late afternoon, Nifty saw a drop of more than 150 points from its day’s high.

Sensex closed below its 16k level, after traders dumped stocks on worries about the global economy and tensions between North and South Korea. The euro lost further ground against the US and Japanese counterparts while the South Korean won extended losses.

As if all the fuss about European debt crisis was not enough came reports that North Korea is getting ready for a possible military showdown with South Korea. Sentiment deteriorated amid news that four Spanish saving banks are merging to form the fifth largest lender of the debt-stricken euro-zone nation.

World stock markets also tumbled. Investors are not focusing on current signs of growth, but instead trying to gauge where the global economy will be later this year. Pessimism, particularly about Europe, has replaced a hopeful tone among traders early in the year

Metal stocks were the worst hit today, the BSE Metal Index was down by 5.1%, followed by BSE Consumer Durables index was down 4.5% and BSE Capital Goods index was down 3%.

European indices were trading in the red, the DAX in Germany was down 3.2%, the CAC 40 index in France was down 4% and the FTSE in the UK was down 3.2%.

Nifty faces strong support at 4680 in the near term, but a bounce is expected in the coming days

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