Sensex dips 720 pts, Nifty below 5000

New Delhi, September 22 (ANI): US Fed Reserve's gloomy outlook on the US economy and a sharp fall in rupee triggered the biggest point fall on Nifty since October 2008 and biggest percentage fall since August 2009. The National Stock exchange Nifty fell 209.60 points, to close at 4,923.65 and the BSE Sensex dropped 704 points, to end at 16,361.15. IT stocks also plunged amid the rupee falling to over two year low against the U.S. currency. Stock of India's largest private company RIL also fell by 6 per cent.