US indices recover on late buying; ADRs slide

The US indices recovered smartly at the end of the day yesterday. The Dow Jones industrial average, which, dropped to a low of 12,518, recovered smartly to end with a marginal loss of 16 points at 12,846. The Nasdaq from a low of 2387, finally settled at 2451 - down eight points.

Indian ADRs, however, ended with significant losses for the third day in a row. Sterlite slumped nearly 7% to $13.35. Genpact, Infosys, Satyam, Wipro, Patni Computers, ICICI Bank, HDFC Bank, MTNL, VSNL and Tata Motors dropped 2-6% each to $14.27, $45.80, $23.99, $13.14, $18.85, $38.03, $77.50, $6.35, $17.70 and $16.18, respectively.