US mkts slump on GDP report, VSNL surges 4%

GDP report, which hinted at slow growth and higher inflation, spooked the US markets yesterday. While the Dow Jones tumbled 1.26% (down 128 pts) to 10,070, the Nasdaq lost 1.36% (down 26 pts) to close at 1,904.

Indian ADRs, barring VSNL and Infosys, finished with an another bearish session. Infosys was up 1.55% at $57.48. While Satyam dipped 1.33% to $21.55, Wipro finished unchanged at $18.40.

VSNL soared 4.39% to $9.52. ICICI Bank dropped 3% to $18.32, and Tata Motors slipped nearly 2% to $9.55. While HDFC Bank lost a per cent to $42, Dr. Reddy's was down 1.55% at $15.28. MTNL also ended weak at $6.