A massive earthquake of the magnitude of 8.9 on the Richter scale, hit Japan. This was followed by tsunami on the coastal region of Japan. This was the biggest quake in the last century inJapan and possibly the fifth biggest in history. As a result ports, airports and rail networks were shut down. Besides tremendous loss to human life, there was reportedly some damage to the nuclear facility and a major oil refinery caught fire. As a result, oil fell for the first time in last ten days as it went just below $100 per barrel. The resultant impact was seen on our market as it dropped down by over a percent. But the market will give a more measured response on Monday after digesting the bad news.
