Fed rate cut help Wall St cut losses
The US stocks recovered sharply from the day’s low following an emergency rate cut by the Fed. The US Federal Reserve cut benchmark rates by 75 basis points to 3.5% an hour before the market opened. The Dow Jones industrial average shed 128 points at 11,972. The Nasdaq dropped 48 points to 2,292.
Indian ADRs ended mostly in red. MNTL plunged over 17% to $7.02, and VSNL slumped 12% to $27. Patni Computers dropped 7.5% to $12.60, and Sterlite shed 5.8% at $21.10. HDFC Bank slipped 4.6% to $113.15, and Dr.Reddy’s decliend over 3% to $16.35. ICICI Bank was down over 1% at $61.68. Satyam, howeve, surged 3.5% to $23.35, and Wipro gained 1.3% at $12.26.
