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The markets plunged over 4% amid sell-off in global equities after the Federal Reserve steered away from announcing quantitative easing three. The Nifty plunged 210 points, at 4,923 and the Sensex declined 704 points, at 16,361.

The Nifty and the Sensex clocked its biggest point fall since July 2009.

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Markets opened in the red this morning after the Federal Reserve and the International Monetary Fund revived recession fears, causing flight to safety.

The Nifty slipped broke the 5,020 short term support and touched a low of 4,908 during the last leg of the trade.

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Steep cuts were seen across the Asian and European bourses on Thursday.

In Asia, Hong Kong's Hang Seng index tumbled to year low, down 5%, China's Shanghai Composite declined 3% and Japan's Nikkei Stock Average slipped over 2%.

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Chinese manufacturing index released by HSBC Holding Plc and Markit Economics dropped to 49.4. In Europe the CAC, DAX and FTSE tumbled over 3% each.

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Food inflation dips but, no respite for the poor

Meanwhile, India's food inflation slipped to 8.84 per cent for week ended September 10 against 9.47 per cent a week ago, but there is still no respite for the common man.

Fuel price index climbed to 13.96 per cent as compared to 13.01 per cent. The primary articles index was at 12.17 per cent compared to 13.04 per cent a week earlier.

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Oil tumbles as dollar strengthens

The US Federal Reserve on Wednesday unveiled a $400-billion stimulus plan to cut long-term interest rates but investors chose to focus on its warning about the outlook for the world's biggest economy and oil consumer.

The 30-share index, which lost 34.13 points in Wednesday's volatile session, fell by 299.62 points, or 1.75 per cent, to 16,765.53 in the first few minutes of trade on Thursday, with all sectoral indices, led by metal and banking, trading in the negative zone.

Brokers attributed the widespread losses to a massive sell-off by funds, influenced by the weak trend in global markets after the US Federal Reserve warned of significant downside risks to the American economy.