Global markets drop; Oil jumps, Indian ADRs slip

While the Nikkei has shed 132 points to 15,763, the Hang Seng is marginally down by 14 points at 15,614.

Fears of interest rate hike and downgrade of Semiconductor shares by Citigroup spooked Wall Street. The Dow Jones Industrial Average slipped 46 points to end at 11,069, and the tech-laced Nasdaq Composite Index declined 19 points to 2,263.

The US crude oil futures for March delivery surged $1.22 to settle at $61.10 a barrel on the NYMEX.

The Indian ADRs ended in a sea of red. MTNL and VSNL slipped 2% each to $6.98 and $17.07, respectively. While Wipro shed 1.4% to $13.80, HDFC Bank declined 1% to $56.25. ICICI Bank, Infosys and Satyam, too, finished in red. Dr.Reddy's, however, surged 4.4% to $29.67.