US markets fell the most in two weeks and closed lower as Wall Street succumbed to selling pressure. The negative sentiment came in after United Parcel Service slashed its earnings forecast and oil prices hit a record high above $ 112 per barrel.

UPS cited both the dismal economic outlook and high fuel prices for its downward assessment, feeding fears that fallout from the US housing slump and credit crisis was spreading. The UPS stock closed 3.7% lower.

Morgan Stanley dragged down financials. The bank said, more of its assets became illiquid during the first quarter. Negative news from Merrill Lynch added to the woes. It expects to write down another $ 6.5 billion.

Citigroup is close to selling $ 12 billion in leveraged loans and bonds to private equity firms. The Citi announcement provided at least some assurance that companies are taking proactive measures to shore up their balance sheets.

The Dow Jones industrial average dropped 49.18 points, or 0.39%, to 12,527.26. The Standard & Poor's 500 index was down 11.05 points, or 0.81%, to 1,354.49, and the Nasdaq fell 26.64 points, or 1.13%, to 2,322.12.

A look at how the Indian ADRs performed:

Name Infosys Sify Rediff.com India Satyam Wipro ICICI Bank HDFC Bank MTNL Tata Comm Dr Reddy's Lab Tata Motors Patni Computer Sterlite Ind

Symbol INFY SIFY REDF SAY WIT IBN HDB MTE TCL RDY TTM PTI SLT

Price 36.00 4.64 8.45 22.46 11.38 41.11 100.18 5.05 24.63 14.52 15.44 12.43 19.41

Change -0.60 -0.07 -0.37 -1.03 -0.46 0.65 0.18 -0.03 -0.85 -0.45 -0.24 0.01 -0.14

Change% -1.64% -1.49% -4.20% -4.38% -3.89% 1.61% 0.18% -0.59% -3.34% -3.01% -1.53% 0.08% -0.72%

Volume 3,225,128 57,579 35,753 1,478,977 359,581 2,870,192 466,260 71,650 613,430 156,509 678,169 54,100 297,296

High 38.3 4.89 8.96 23.79 11.75 42.03 104.00 5.16 25.19 14.93 15.92 12.55 19.73

Low 35.60 4.56 8.41 22.21 11.31 41.04 99.76 5.00 23.12 14.35 15.41 12.39 19.25