Fed hikes rate; Nasdaq slips, ADRs slide

The Wall Street ended on a mixed note. The Dow Jones industrial average ended a tad higher (three points) at 11,643. The Nasdaq tumbled 18 points to 2,321.

The Federal Reserve raised the benchmark lending rate by 25 basis points to 5%. It said that further hikes may be needed to fight inflation.

The Indian ADRs ended deeply into red. MTNL dropped nearly 3% to $9.43. Dr.Reddy's and VSNL tumbled over 2% each to $36.89 and $21.09, respectively. Infosys and Satyam slipped over 1.5% each to $81.13 and $36.49, respectively.

The crude oil futures for June delivery soared $1.44 to settle at $72.13 per barrel on the NYMEX.