"Markets" terrified that the people of Greece might vote in a leftist, anti-austerity party
MUMBAI: The benchmark Sensex on Tuesday plummeted by 855 points in its worst crash in five and a half years as stock markets globally went into a tailspin amid speculation about probable exit of Greece from the Euro region and oil prices cracking below $ 50 per barrel mark.
The Nifty also tanked 251 points, or 3 per cent. Both the bellwether indices closed at more-than two-week lows. Panic selling sent markets on a free fall with losses across sectors, traders said, adding that investor wealth plunged by nearly Rs 3 trillion as four counters fell for one that rose.
Oil prices continued to drop, with the US benchmark contract briefly falling below $ 50 a barrel for the first time in more than five years on concerns about ample global supplies and weakening economic growth.
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Fears mounted that an election in embattled Greece later this month could put the opposition anti-austerity party Syriza in power, jeopardizing the country's economic reforms mandated by the international financial rescue, analysts said. .....................(more)
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