Business Daily from THE HINDU group of publications
Saturday, Mar 31, 2007
ePaper
Business Daily from THE HINDU group of publications Saturday, Mar 31, 2007 ePaper |
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Markets
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Stock Markets Money & Banking - Stocks K.S. Badri Narayanan
Chennai March 30 The ADRs of ICICI Bank and HDFC Bank fell by almost five per cent on the NYSE within a few minutes of trading hours in reaction to the sudden hike in cash reserve ratio and repo rates by the central bank. The former fell by 4.96 per cent or $1.96 to $37.53, while the latter lost 4.73 per cent or $3.18 to $64.07 at 8.15 p.m. IST. However, the Dow Jones Industrial Average was up by 0.29 per cent at 12,385.04, while the tech-focused Nasdaq moved up by 0.35 per cent to 2,426.3. All ADRs were in negative territory except MTNL, which too gained only 0.15 per cent. Tata Motors was the other biggest loser (3.02 per cent) at $16.35. Infosys also fell below the psychological $50 mark; it was trading at $49.27, down 1.8 per cent. According to analysts, bank stocks would take a hit, as they need to hike interest rates that could impact the loan growth and the margins.
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