The Hindu Business Line : Marginal decline

THE unabated downslide in the US equities continued for the third straight week after comments from the Federal Reserve and inflation data renewed concern the central bank may step up its pace of interest-rate increases.

The S&P's 500 Index declined 1.5 per cent to 1171.42, the Dow Jones Industrial slumped 1.8 per cent to 10,442.87 and the Nasdaq slipped 0.8 per cent to 1991.06.

For the domestic markets, high crude oil prices, hike in the US interest rates and low retail and institutional participation due to approaching fiscal yearend acted as a dampener and, as a result, the BSE Sensex dwindled 3.46 per cent to 6442.87 and the NSE's S&P CNX Nifty 4.44 per cent to 2015.40.

Among the ADRs, except Dr. Reddy's Lab, all the other counters ended in negative territory. Dr. Reddy's said that it has started selling a drug - Celadrin - to treat osteoarthritis and joint-related problems in the country.

Despite a sharp fall in the US markets, the Indian ADRs declined only marginally.

ICICI Bank announced the launch of its representative office in South Africa but its ADR finished lower at $20.51 against the previous week close of $21.36.

Satyam Computer said that it received an order for three years from the European unit of Bridgestone Corp to provide application maintenance and support for a business management software. Its ADR finished lower at $22.31 ($22.90).

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