August 19, 2011 2:32 PM

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Sensex tumbles 413 points in afternoon trade

Deepening worries of a global economic slowdown, and a big fall in the global bourses dragged the Sensex at the Bombay Stock Exchange down a hefty 351 points in opening trade, to 16,118 on Friday morning. Later, the market remained bearish, and the Sensex stood a huge 413 points or 2.5 percent in negative territory, at 16,057 in afternoon trade, a short while ago. Heavy selling was seen across-the board, with IT and capital goods stocks the worst hit. Markets across the globe were hammered down, on increasing fears that the major economies, including the US, could again slip into a recession. So other Asian markets in Japan, China, South Korea, Indonesia, Hong Kong, Singapore and Taiwan were beaten down by between 1.4 percent and 5 percent on Friday. Key Wall Street indices had tumbled between 3.7 percent and 5.2 percent, overnight, following weak US economic data.

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