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Bombay Stock Exchange's Sensex sank to a low of 16,634.63 during the day and settled in the same vicinity at 16,677.88, down 900.84 points or 5.12 per cent.

National Stock Exchange's Nifty ended 5.18 per cent or 270 points lower at 4953, after falling to a low of 4936.05. The high was 5222.80.

"Nifty closing below 5000 is an extremely negative sign. Weakness in global sentiment is the main reason for this fall. Also, over the weekend people had more time to read through the Budget and found little clarity as to how the government would fund banks exposed to the Rs 60,000-crore waiver proposed by the FM, which is why we saw banking stocks worst affected in today's trade," said DD Sharma, vice president - equity, AnandRathi Securities.