Crisis in Japan spooks Indian stocks

Crisis in Japan spooks Indian stocks

New Delhi: Japan appears to have an impact after all. Tracking the slump in Asian markets, Indian stocks corrected sharply in morning deals on concerns that the blasts in Fukushima Daiichi nuclear plant will worsen the situation in Japan. This spooked investors across Asia who are already worried about simmering tensions in the Middle East.

Sensex: 18,060, –2%

Nifty: 5,417, –2.1%

Nikkei: 8,319,–13%

Hang Seng: 22,449, –3.8%

All sectoral indices are trading in losses. Real estate index BSE Realty lost the most on worries that rising interest rates in the domestic markets will impact home sales. Inflation in February rose higher than expectations.

BSE Realty: 2,059, –2.8%

BSE Metal: 15,309, –2.3%

BSE Power: 2,526 –2.3%

BSE IT: 6,101, –2.2%

BSE Auto: 8,631, –2.2%

With earnings downgrades deepening and an expected rate hike on Thursday, things look tough in the near term.