The market continues to fall. At 12:45 p.m., the BSE’s Sensex was at 18078, down 249 points from the previous close. NSE’s Nifty was trading at 5416, lower by 77 points. The fall was triggered by a decline in global indices, which were losing ground after an earthquake of 8.9 magnitude hit Japan,followed by a tsunami
Problems and Libya are already causing our gas prices to rise here in the U.S. Stocks fell and oil and commodity prices tumbled as traders struggled to measure the effects of a disaster in one of the world's most important and inter-connected markets.
There is no way to assess even the direct damage to Japan's economy or to the global economy. This is a sad day for Japan, and economic aftershocks could affect the whole world's economy.With Japan tied into almost every sector of the global economy, the US stock market's early session sell-off was broad based.
Banks, oil companies, shipping firms all lost value in early trade. Only the US tech and airline sectors seemed unaffected. Crude prices sank on the prospect of lower consumption in Japan, the world's third largest oil importer and consumer.
The disaster came a day after a massive Wall Street sell-off, caused by a wider-than-expected US trade deficit, a rare trade shortfall in China, new sovereign downgrades in Europe and turmoil in Saudi Arabia and Libya.
