The Indian stock market fell sharply on October 23rd, 2008 as the global financial crisis continued to spread. The key Sensex index of the Bombay Stock Exchange closed down nearly 4% at 9,771.70 points, falling below the important 10,000 point level for the first time. Continued uncertainty around the world was affecting market sentiment. The rupee also hit a new low against the dollar, and other Asian markets provided negative cues as well.