Booster Shot
Fears of the United States-led financial crisis cascading to other countries, particularly Europe, combined with apprehensions that the $700 billion bailout package, history's biggest, may not be enough, turned markets on both sides of the sub-continent in spots of red.
Long before the Indian markets opened and long after the benchmark BSE Sensex fell 725 points or 5.8 per cent, markets from Australia and Asia to Europe and the Americas thudded to touch new bottoms.
As the Sensex closed below 12,000 to touch a two-year low, the Dow in the US fell 4.1 per cent, reeling below the 10,000 mark, after four years.
In a surprise move to bring some liquidity into the Indian banking system, Reserve Bank of India (RBI) announced a 50 basis point (100 basis points make 1 percentage point) cut in its cash reserve ratio (CRR) to 8.5 per cent.
To read the full article, click here..
To read the ePaper, visit: http://epaper.hindustantimes.com
Long before the Indian markets opened and long after the benchmark BSE Sensex fell 725 points or 5.8 per cent, markets from Australia and Asia to Europe and the Americas thudded to touch new bottoms.
As the Sensex closed below 12,000 to touch a two-year low, the Dow in the US fell 4.1 per cent, reeling below the 10,000 mark, after four years.
In a surprise move to bring some liquidity into the Indian banking system, Reserve Bank of India (RBI) announced a 50 basis point (100 basis points make 1 percentage point) cut in its cash reserve ratio (CRR) to 8.5 per cent.
To read the full article, click here..
To read the ePaper, visit: http://epaper.hindustantimes.com
Labels: Asia, Australia, bailout package, basis point, BSE, cascading, cash reserve ratio, cut, Europe, fears, financial crisis, markets, RBI, Sensex fell, sub-continent, United States
posted by PressMart Team at
9:56 AM
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