The worse fears of a major nuclear catastrophe in Japan seem to be coming true following a new explosion which has struck Japan’s embattled Fukushima nuclear power plant. Japanese prime minister has confirmed high risk radiation leak from the Fukushima plant and has urged people to stay calm.
We are set for a gap-down start in India. European and US stock futures have also tumbled. Markets around the world are bracing for another jittery trading day. Japan's Nikkei ended morning trade down 6.5%, falling below 9,000. Other Asian markets, which had been down marginally, have seen accelerated losses.
How the global markets cope with the latest bad news from Japan remains to be seen. Indian markets will be at the mercy of developments in Japan and trend in other overseas markets. The situation appears to be highly volatile. Long term investors can look at blue-chip companies in small quantities.
Brace for some panic selling early on even as Japan struggles against the nuclear meltdown. Hopefully, there will be some improvement in the global sentiment as the day wears on.
