Global indices sag; Indian ADRs drop as well

The Nikkei has declined 124 points to 16,501. The Hang Seng is down 132 points at 15,790.

Fresh fears of interest rates hike spooked the Wall Street indices. The Dow Jones industrail average dropped 39 points to close at 11,235. The Nasdaq plunged 20 points to 2294.

The Indian ADRs ended mostly in red. VSNL tumbled over 3% to $18.58, and MTNL slipped 2% to $8.63. HDFC Bank, too, dropped 2% to $53.61. Wipro and ICICI Bank declined 1.5% each to $13.98 and $29.05, respectively. Dr.Reddy's, however, added 1% to $30.60.