Oil price surge drags US mkt

Spiralling oil prices and a weak dollar triggered massive fall in the US markets yesterday. While the Dow Jones dived off 174 points to 10,611, the Nasdaq slumped 28 points to close at 2,030.

Indian ADRs, too, bore the brunt on Tuesday. Wipro shed 2.77% to $21.40, and Satyam dropped 2% to $24.59. Infosys was down a per cent at $72.24.

HDFC Bank, ICICI Bank and Dr. Reddy's also ended weak at $43.27, $21.70 and $17.52, respectively. VSNL, however, marginally higher at $9.96.