A massive 8.9 magnitude quake hit the northeast coast of Japan on Friday, shaking buildings in the capital Tokyo, causing many injuries, at least one fire and triggering a four-metre (13-ft) tsunami.However, India Tsunami Centre says there are no local alerts yet in wake of Japanese quake.Nikkei average closed down 1.7 per cent at 10,254.43 points after the earthquake struck.Harendra Kumar, Head-Research, Centrum Broking said, "The earthquake in Japan has obviously prompted a negative sentiment in the market. Thatâs the reason Sensex is going down. However, the economic impact of such natural calamity is yet to be assessed. Such assessment may give fresh trigger to the markets."Sanjay Dutt of Quantum Securities also feels that the calamity in Japan may have a domino effect in India. Dutt said that the crisis is unlikely to erode much from the Indian shores, apart from affecting exports and oil.Echoes Deven Choksey, KR Choksey Securities that the crisis may not have a direct impact on Indian economy and business. However, the Japanese crisis may have a far reaching effect on Indian auto components company."Commodities may get affected as crude prices will come down. Sectors like insurance and auto will face disruptions," Choksey. As a stratgey, Choksey advises investors to wait before taking out money from the market.