Wall Street closed in the red with the Fed's decision to cut rates to 2%. Fed's hint that it may pause took the steam out of the stocks. The equity markets close the month with the biggest gains for the year. According to the latest report on GDP, US economy is technically not in a recession. Lehman down 5%, Citigroup down 4%.

FOMC has cut fed fund rates by 25 bps at 2% and discount rate by 25 bps at 2.25%. FOMC has cut fed fund rates by 3.25% since Sep2007. 1Q GDP grows at 0.6% vs expectation of 0.5%.

The Dow Jones industrial average slipped 11.81 points, or 0.09%, to 12,820.13. The Standard & Poor's 500 index declined 5.35 points, or 0.38%, to 1,385.59, and the Nasdaq composite index dropped 13.30 points, or 0.55%, to 2,412.80.

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 43.69 5.10 8.91 25.68 13.00 44.59 112.8 5.57 24.65 15.27 16.54 13.42 20.79

Change -0.21 0.04 0.21 -0.05 0.07 -0.54 0.97 0.04 0.23 -0.14 0.35 0.31 -0.92

Change% -0.48% 0.79% 2.41% -0.19% 0.54% -1.20% 0.87% 0.72% 0.94% -0.91% 2.16% 2.36% -4.24%

Volume 1,754,409 94,118 53,430 1,186,497 326,315 1,940,856 327,962 235,846 87,887 376,671 1,087,322 123,663 1,329,446

High 44.49 5.20 9.05 26.22 13.20 44.83 113.88 5.64 24.80 15.45 16.82 13.46 21.74

Low 43.53 5.00 8.65 25.5 12.86 44.16 111.52 5.45 23.87 15.27 16.25 12.78 20.53