Reuters
Natural-gas-storage tanks burn at a facility in Chiba Prefecture, near Tokyo.
MUMBAI (MarketWatch) — Indian stocks ended lower on Friday and for the week, tracking broad losses in Asia after a powerful earthquake and tsunami hit Japan.
Investors were also concerned ahead of February wholesale-inflation figures due on Monday amid expectations the Reserve Bank of India will again hike interest rates two days later.
The Sensex /quotes/comstock/29m!sensex (XX:SENSEX 18,174, -153.89, -0.84%) fell 153.89 points, or 0.8%, to end at 18,174.09. The S&P/CNX Nifty Index /quotes/comstock/29m!nifty (XX:NIFTY 5,445, -48.95, -0.89%) fell 0.9% to 5,445.45.
Massive earthquake strikes Japan
A devastating 8.9-magnitude earthquake strikes Japan. What are the implications for a country already coping with slow economic growth and political instability?
Shares of Bharat Heavy Electricals Ltd. /quotes/comstock/29m!e:bhel.eq (IN:500103 1,975, -74.50, -3.64%) and Reliance Communications Ltd. /quotes/comstock/29m!e:rcom.eq (IN:532712 96.30, -3.45, -3.46%) fell the most on the Sensex, losing more than 3%.
In Tokyo, the Nikkei Stock Average /quotes/comstock/64e!i:ni225 (JP:NI225 10,254, -179.95, -1.73%) ended 1.7% lower.
With the death toll from the earthquake rising there already were concerns about the impact to Japan’s economy from potential damage to its industrial infrastructure. See Jefferies’ forecast for insurance loss in Japan earthquake.
A major oil refinery owned by Cosmo Oil Co. /quotes/comstock/64e!5411 (JP:5411 2,493, -10.00, -0.40%) was on fire in Chiba, northeast of Tokyo.
JX Nippon Oil & Energy Corp. /quotes/comstock/64e!5411 (JP:5411 2,493, -10.00, -0.40%) , another refiner, halted operations at its refineries in three cities, including in Sendai, where the airport was flooded after the tsunami hit.
On the Bombay Stock Exchange, the power, capital goods and auto sectors led the way lower.
Autos and rate-sensitive financial stocks were also under pressure.
On Friday, news that industrial production grew by 3.7% in January from the year-earlier period, reinforced expectations that the central bank is again expected to deliver a quarter-point hike next week.
