Indian equity benchmarks plunged over 2% in early trade on Tuesday, joining the slide in other Asian markets rattled by the news of radiation leaks from quake-hit parts of Japan spreading fast.
The 50-share Nifty index was down 137 points at 5392, and the 30-share Sensex was down 452 points at 17986.
Experts say a massive withdrawal of Japanese money from world markets could be underway, as that country prepares to rebuild.
Japan was the worst hit among Asian markets, down 12%, and other markets like Hong Kong, Taiwan, and China were down around 3-4%.
Back home, automobile, realty and metal shares took a beating, with the respective sectoral indices down between 2-3%.
"The market will not bottom out till the political crisis plays out completely, and consensus earnings estimates for FY12 crack by 200-400 basis points," said Saurabh Mukherjee of Ambit Capital.
Experts say a massive withdrawal of Japanese money from world markets could be underway, as that country prepares to rebuild.
Japan was the worst hit among Asian markets, down 12%, and other markets like Hong Kong, Taiwan, and China were down around 3-4%.
Back home, automobile, realty and metal shares took a beating, with the respective sectoral indices down between 2-3%.
"The market will not bottom out till the political crisis plays out completely, and consensus earnings estimates for FY12 crack by 200-400 basis points," said Saurabh Mukherjee of Ambit Capital.
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