Nifty ends in red on news of Japan blast, global sell-off

Indian equities slipped further again with the Sensex falling about 250 points following more cuts in European markets and US index futures, which indicating weak opening in US markets today. The 50-share NSE Nifty tumbled 91 points to 5,440 at 14:55 hours on fears that radiation levels may rise further after that third blast in nuclear power plant in northern part of Japan in early morning.

There were reports that two more blasts and a fire rocked a quake-stricken atomic power plant in Japan, sending radiation up to dangerous levels, according to PTI sources.

Radiation around the Fukushima No.1 plant on the eastern coast had "risen considerably", Prime Minister Naoto Kan said, and his chief spokesman announced the level was now high enough to endanger human health.

European markets like France's CAC & Germany's DAX cracked over 4-5%, and Britain's FTSE tumbled 3%. US index futures like Dow Jones plunged more than 280 points.

The benchmark Sensex plummeted 316 points to 18,123. About 45 shares declined as against five shares advanced on the NSE Nifty 50.

Veteran on the market pulse, N Jayakumar of Prime Securities believes that the correction in the market will continue on the back of the events in Japan. ''Risk capital will tend to move around faster searching for higher returns in different areas,'' he says. He also points out that few industries will undergo changes, ''the cost of insurance will move up, therefore, the cost of business in certain areas may move,'' He further adds that investors are staying cautious on Asia.