Japanese tsunami hits market, Sensex down by about 154 points

Indian stocks today survived a tsunami scare with the Bombay Stock Exchange (BSE) benchmark Sensex recouping to some extent day's sharp losses but still ended with a loss of 154 points.

Global equity markets plunged after 33-foot tsunami in Japan caused untold damages and panic-striken investors, already worried about boiling unrest in the Middle-East and Spain debt crisis, resorted to hectic selling.

Japanese benchmark index Nikkei closed down 1.72%, the Chinese Shanghai Composite by 0.73%, and Hong Kong's Hang Seng by 1.55%. Singapore's Strait Times closed lower 1.04%.

The tremors of Japan earthquake were felt across European bourses which were trading lower between 0.39% and 0.92% in their afternoon deals.

Tracking global indices, the 30-share Sensex too plummeted to 18,000-level, a steep loss of of over 305 points from day's high levels.

Markets recouped after the government dispelled the possibilities of tsunami hitting the Indian shores.

The Sensex finally settled the day at 18,174.09 points, down 153.89 points from its previous close.

The NSE 50-issue Nifty also dropped by 48.95 points or 0.89% to 5,445.45.

A leading analyst warned that the economic impact of such a natural calamity is yet to be assessed and such assessment may give fresh trigger to the markets.

Meanwhile, reports of industrial growth slowing down to 3.7% in January 2011, against 16.8% in the year-ago period, too weighed on the market mood.

The markets were already struggling after the escalation of violence in Libya and protests in Saudi Arabia fuelling fears of a spike in oil prices that would undermine the global economic growth.

Eleven of the 13 sectoral indices fell with the BSE metal losing the most. The metal index closed lower by 1.91%, the teck index by 1.61% and the BSE-IT by 1.49%.

Overall, 25 out of 30 index-based scrips declined while others gained. BHEL dipped by 3.64%, the REL Com by 3.46%, REL Infra by 3.19%, Sterlite Ind by 3.06%, Jaipra Asso by 2.90% and TCS by 2.48%.

Bharti Airtel fell by 2.08%, Bajaj Auto by 2.02%, M&M by 1.75% and Hindalco by 1.65%.

Foreign Institutional Investors (FIIs) turned net sellers as they sold shares worth Rs97.19 crore yesterday as per provisional data after pulling out Rs37.10 crore on March 10.

The total market breadth remained negative as 1,928 shares ended with losses and 924 finished with gains at BSE.

The total market turnover shot up to Rs4,010.48 crore from Rs2,995.69 crore yesterday.