Markets end in deep red

The markets closed in deep red as heavy selling continued throughout the day.The global markets were also in a state of meltdowm.

Sensex closed down 471.09 points or 3.66% at 12415.04, and the Nifty down 150.25 points or 4.03% at 3576.5. Gujarat ambuja cements(up 0.35% to Rs 110) and grasim (up 0.31% to Rs 2105) were the top gainers on Nifty as well as the sensex.

The Nikkei average fell 3.34% on Monday, marking its biggest one-day tumble in nine months and a new low for 2007, as investors continued to dump shares in exporters such as Toyota Motor Corp. and Canon Inc. following the yen's rise. The Nikkei tumbled 575.68 points, to 16,642.25, its lowest closing since December and its biggest one-day percentage loss since June 2006.The Hong Kong’s Hang Seng Index tumbled 751.85 (3.87%), to 18,690.16.All European and Asia/Pacific markets were trading with sharp losses.

Index heavyweight Reliance Industries (RIL) was down 4.43% to Rs 1259. A huge 11.49 lakh shares had changed hands in the heavyweight counter. The RIL scrip had also slipped to an intra-day low of Rs 1257.50.