|
|
|
 
 
 
 
|
|
|
|
|
||
|
| ||||
| ||||
| ||||
| ||||
| ||||
|
|
|
The health of the US financial sector drags Sensex down 470 points
Investor sentiment was marred Monday on worries about the health of the US financial sector after Lehman Brothers became the latest casualty to the mortgage crisis fallout, Merrill agreed to be taken over by Bank of America for $50 billion and troubled insurer American International Group asked the Fed for a lifeline.
With Lehman and Merrill Lynch out of the picture, three of the top five US investment banks have effectively departed the scene in less than six months. JPMorgan acquired Bear Stearns in a fire sale in March.
Stock markets in Australia, Singapore and Taiwan fell by around 2 to 4 per cent, with shares of many banks suffering bigger losses. Holidays in most major Asian markets, including Tokyo and Hong Kong, kept volumes thin.
The gloom across global markets took its toll on Indian bourses as well, which plunged over 6 per cent intra-day as investors braced for more FII outflows.
However, the market recovered lost ground towards the fag end of the session on the back of short covering in battered index heavyweights.
BIZ/FINANCE ARTICLES
|
|
| Click here to get ad specs and place your ad or Click here to contact the advertisement department |
Send Letters to the Editor
|
Add RSS headlines