Sensex closes below crucial 9,000 level

The barometer last closed below 9,000 level on October 27. National Stock Exchange index Nifty also lost 116.40 points at 2,683.15.

Brokers said the world8217;s largest lender Citigroup8217;s plans of massive job cuts mainly dampened trading sentiment.

Besides, Japan sliding into recession also weighed against buying support.

Vikram Pandit-led financial services giant yesterday said it would cut more than 52,000 jobs in the coming months.

Marketmen said the investors drew little comfort from the finance minister8217;s saying the government will take steps to stimulate the economy to offset the impact of the global slowdown.

Sluggish global economic conditions, particularly in the US, from where software companies earn a good chunk of their revenues, continued to cast a shadow on IT stocks whose index ended lower by 4.70 per cent Power and banking indices also bore the brunt of selling, and their respective indices closed down by over 4 per cent.