US markets logged their biggest two-day point decline on record on economic concerns and poor earnings. Weekly jobless claims continue reflecting weak labor market and retailers reported weak monthly same-store sales data. The shrinking economy crushed earnings at companies from Blackstone to News Corp.

Crude prices were around $ 60/bbl while gold prices tumbled. Bonds gain. Dollar was mixed against other major currencies
. Monthly jobs report for October is due today. It is expected to show an up tick in unemployment up to 6.3%.

Prospect of a very grim payrolls number today fueled the sell off further. At closing bell, Dow Jones ends down 443 points to 8,695.79, while Nasdaq was down 73 points to 1608. The S&P 500 ends down 48 points to 904.88.

Indian ADRs slumped

Indian ADRs slumped on the back of fall in US markets. Sterlite Industries was the major loser, which ends down 15.59% at $ 4.71. In IT space, Infosys was down 10.47% at $ 24.72, Wipro was down 8.56% at $ 7.37, Satyam Computers was down 7.19% at $ 13.81 and Patni Computers was down 6.14% at $ 5.35.

In Banking space, HDFC Bank was down 4.81% at $ 62.90 and ICICI Bank was down 2.68% at $ 16.68. In Telecom space, MTNL was down 1.98% at $ 2.97, while Tata Communication, which was the sole gainer among the ADRs, was up 0.15% at $ 19.71.

In other sectors, Tata Motors was down 3.85% at $ 4.50 and Dr Reddy’s Labs was down 1.07% at $ 8.30.

US markets slide as economic data continues to be abysmal; services sector contract the most since 1997 & private employment declined most since Nov 2002. Dow Jones ends down 486 points at 9140; NASDAQ down 99 points at 1682. Financials sector decline 9% after lower than expected results from bond issuers, AMBAC and MBIA.

US markets posted its biggest plunge following a presidential election as reports on jobs and service industries stoked concern that the economy will worsen even as president-elect Barack Obama tries to stimulate growth. Financials took a major hit.

The Dow tumbled 486.01 points, or 5.05%, to 9,139.27. The S&P 500 index lost 52.98 points, or 5.27%, to 952.77. The Nasdaq composite index declined 98.48 points, or 5.53%, to 1,681.64.

Indian ADRs slumped

Indian ADRs slumped on Wednesday. In Banking space, ICICI Bank was down 11.92% at $ 17.14 and HDFC Bank was down 10.78% at $ 66.08. In Telecom space, Tata Communication was down 13.80% at $ 19.68 and MTNL was down 9.55% at $ 3.03.

In IT space, Infosys was down 7.72% at $ 27.61, Patni Computers was down 6.25% at $ 5.70, Satyam Computers was down 4.37% at $ 14.88 and Wipro was down 4.28% at $ 8.06.

In other sectors, Tata Motors was down 8.24% at $ 4.68, Dr Reddy’s Labs was down 4.11% at $ 8.39 and Sterlite Industries was down 8.52% at $ 5.58.

In the US, the stock market plunged the most since the crash of 1987 as disappointing retail sales data and credit concerns renewed economic fears. Specifically, the S&P 500 plunged 9%, settling near session lows & the Dow closed below the 9000 mark.

Consumers continue to curtail spending in the face of economic headwinds. Retail sales in September tumbled 1.2% month-over-month, the third consecutive monthly drop and largest decline in three years. The decrease was larger than the expected drop of 0.7%. Sales are down 1.0% compared to last year, marking the first year-over-year decline since October 2002.

Separately, the producer price index excluding food and energy, PPI rose 0.4%, which was more than the expected increase of 0.2%.

On closing bell, the Dow Jones lost 8% to close at 8578, the Nasdaq shed 8.5% and the broader S&P fell more than 9%.

Indian ADRs plunged following the fall in US markets on Wednesday. In Banking space, ICICI Bank was down 14.19% at $ 15.30 and HDFC Bank was down 13.21% at $ 62.20. In IT space, Satyam Computers was down 11.54% at $ 13.18, Patni Computers was down 11.13% at $ 5.91, Wipro was down 10.98% at $ 25.04 and Wipro was down 9.69% at $ 7.27.

In Telecom space, Tata Communication was down 12.36% at $ 20.07 and MTNL was down 10.32% at $ 2.8699. In other sectors, Sterlite Industries, which was the biggest loser among the ADRs, ended down 16.85% at $ 5.33, Dr Reddy’s Labs was down 13.47% at $ 8.22 and Tata Motors was down 5.21% at $ 6.01.

In the US markets, stocks ended lower as the enthusiasm about the government’s plan to buy stakes in the nation’s largest financial institutions died down and worries about earnings crept in.

Market sees tempered enthusiasm for government’s plans to take up to $ 250 billion in equity stakes in banks. Tech and retail stocks had it tough. Financial shares gained. Bank of America, Morgan Stanley, Goldman Sachs, Citigroup saw double digit gains. Credit crisis may have damaged underlying economy and corporate earnings. Pepsi reported lower beverage sales in US and will cut more than 3000 jobs. J&J shares gained over 2%, reports 30% higher Q3 profit. Intel closed low by 6% before releasing earnings after the bell. Intel’s Q3 earnings were at 35 cents/shr, beats street forecast by a penny.

On closing bell, the Dow Jones ended down 0.8%, to close at 9311 after an 850 point intraday swing. The S&P 500 closed down 0.5%. The Nasdaq fell more than 3.5% amid concern about slowing tech demand.

Indian ADRs ended mostly lower

Indian ADRs ended mostly lower on Tuesday. In IT space, Wipro was down 13.07% at $ 8.05, Infosys was down 4.07% at $ 28.13, Patni Computers was down 2.64% at $ 6.65. However, Satyam Computers was up 2.55% at $ 14.90.

In Banking space, HDFC Bank was down 2.97% at $ 71.67 and ICICI Bank was down 0.94% at $ 17.83. In Telecom space, MTNL was down 2.74% at $ 3.20 and Tata Communication was up 4.09% at $ 22.90.

In other sectors, Sterlite Industries was down 5.60% at $ 6.41, Tata Motors was down 1.86% at $ 6.34 and Dr Reddy’s Labs was up 4.28% at $ 9.50.

It was a historic day on the Wall Street. Stocks bounced back from their worst week ever with one of their best performances as investors cheered the government plan to buy stakes in banks and a federal reserve-led push to flood the global financial system with dollars. The Dow posted its biggest ever point gain and markets rallied the most since 1930.

The Dow Jones snapped an eight-day losing streak, gaining 11 percent, to close at 9,387. The Nasdaq put on nearly 12% and the broader S&P 500 index was up 11.5%.

Indian ADRs surged following the rally in Wall St; Wipro up 39.67%

Indian ADRs surged following the rally in Wall Street. In IT space, Wipro, which was the biggest gainer, was up 39.67% at $ 9.26, Infosys was up 23.42% at $ 29.51, Satyam Computers was up 17.18% at $ 14.53 and Patni Computers was up 1.16% at $ 6.83.

In Banking space, ICICI Bank was up 29.96% at $ 18 and HDFC Bank was up 19.13% at $ 73.86. In Telecom space, Tata Communication was up 28.13% at $ 22 and MTNL was up 7.17% at $ 3.29.

Among the other sectors, Sterlite Industries was up 18.09% at $ 6.79, Tata Motors was up 9.31% at $ 6.46 and Dr Reddy’s Labs was up 7.18% at $ 9.11.