US indices drop sharply

Crude oil prices touching record highs during intra-day yesterday pulled the US markets lower. While the Dow Jones slumped 1.57% or 166 points to 10,421, the Nasdaq lost 21 points to close at 2,071.

Indian ADRs, too, edged lower. Satyam dropped 3.44% to $25.83, and Infosys lost 2.67% to $73.70. Wipro declined 2.47% to $20.97.

HDFC Bank, ICICI Bank, Dr. Reddy's, VSNL and MTNL ended lower in a range of 1-2%. Tata Motors, however, gained 2% to $9.61.