Sensex falls 272 pts as Japan nuke leak fears spook investors

The BSE Sensex today plunged 272 points on brisk selling, triggered by dips in global bourses amid fears of more leakages from Japan's nuclear plant damaged in last week’s earthquake and tsunami.

The BSE Sensex today plunged 272 points on brisk selling, triggered by dips in global bourses amid fears of more leakages from Japan's nuclear plant damaged in last week’s earthquake and tsunami.

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The Bombay Stock Exchange benchmark index Sensex dropped by 271.83 points to close at 18,167.64. It fell below the 18,000 level in view of huge losses recorded in Asia following reports that nuclear radiation leaks in Japan could increase.

Similarly, the broad-based National Stock Exchange index Nifty lost 81.85 points to 5,449.65, after touching the day's low of 5,373.65.

Asian stocks slumped, dragging the MSCI Asia Pacific Index down by more than 10 per cent from its January peak. Japan’s Nikkei 225 Stock Average plunged 11 per cent, entering what some investors call a bear market phase. It has fallen over 20 per cent from its high on February 21.

Marketmen said Sensex, which has plunged 11 per cent this year, is Asia’s worst performer after Japan among the region’s largest stock markets on concerns that interest rates may go up in view of high inflation, hurting growth. Banking and interest sensitive stocks were also hit as investors turned cautious ahead of the Reserve Bank of India's monetary policy meeting slated for March 17.

Tata Power, the largest non-state electricity generator, sank the most in more than five weeks, losing Rs 36.30 at Rs 1,212.55. Maruti Suzuki India, a unit of Japan’s Suzuki Motor, also lost Rs 44.75 to Rs 1,214.50. Bucking the general weakening trend, the most heaviest on the benchmark, Reliance Industries rose for the second day, adding Rs 18.65 to Rs 1,036.30 on reports the company paid higher advance taxes for this quarter.