The Sensex lost 389 points to close at 16488 today.The fall in Sensex is attributed to fresh selling in metal, realty, refinery, power and capital goods stocks amid weak Asian cues.The National Stock Exchange was also down by 119 points and it closed at 4943. Asian stocks declined in early trade amid weak economic data from Japan and Australia that signaled the global economy is slowing ahead of a European summit on the euro zone sovereign debt crisis.The key benchmark indices in Hong Kong, Japan, Singapore, South Korea and Taiwan were down by between 0.5 per cent and 1.54 per cent, while China's Shanghai Composite was up by 0.32 per cent.