Japanese nuke leak fears spook investors; Sensex dips 272 pts

Mumbai, Mar 15 (PTI) The BSE Sensex plunged 272 points as
stock markets dipped globally, triggered by panic selling in
Japan following another explosion at its nuclear plant that
was damaged last week by earthquake and tsunami.
Following global investors, spooked by fears that a
nuclear radiation will worsen the situation in Japan and other
Asian markets, operators booked profits across sectors on
Indian bourses -- realty, auto, metal, power, capital goods
and IT.
The BSE benchmark index Sensex resumed trade lower at
18,113.79 and moved in a wide range of 18,326.33 and 17,920.55
before settling the day at 18,167.64, down 271.84 points or
1.47 per cent.
The NSE 50-share Nifty also closed lower by 81.85 points
or 1.48 per cent to 5,449.65.
Asian shares tumbled as Japan’s stock market plunged
10.55 per cent, its biggest decline since 2008, on panic
selling amid worries that nuclear plant explosion could lead
to huge radiation.
The key benchmark indices in China, Hong Kong, South
Korea, Singapore and Taiwan ended lower by 1.38 per cent to
3.35 per cent.
European stock markets were also trading lower in their
opening trade as the key benchmark indices in UK, Germany and
France were down by about 2.73 per cent to 4.37 per cent.
However, Index heavyweight Reliance Industries ended
higher by 1.83 per cent amid reports that its gas production
is expected to rise 23 per cent from its blocks in the Krishna
Godavari basin.
"Panic gripped world markets amid fears of Nuclear melt
down in Japan. The BSE Sensex and the NSE Nifty recovered
smartly from their intra-day lows led by relentless buying in
the index bellwether Reliance Industries," said IIFL Head of
Research (India Private Clients) Amar Ambani.
He added that Indian markets will be at the mercy of
developments in Japan and trend in other overseas markets.
"In the Middle-East, the situation appears to be highly
volatile with Saudi Arabia sending its troops to Bahrain to
quell a rebellion," Ambani said.