US Banking stocks collapse, Indian Bank Nifty to follow.

The Outlook for Banking sector has worsened Bank of America, Citigroup, Royal Bank of Scotland and other major banks reporting huge losses. As investor's loose confidence Bank of America, Citigroup, JPmorgan, Goldman Sachs are all down by 20% or more.

HDFC Bank, ICICI Bank, which are listed on NYSE is down by over 11% and 13% respectively on NY Stock Exchange.

Indian Bank Nifty is already down by 3% on Tuesday. Looks like the remaining week is going to be another rough ride for Banking stocks.

Remember Banking stocks and Real Estate stocks usually exhibit a natural co-relation. Which means a bad week for real estate stocks as well.

Jan 21, 2009

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