In US markets, a surprise rate cut did hold back a massive sell off but stocks remained volatile and closed lower on continued worries about the US economy. Financials held out tough. JP Morgan Chase, Merrill Lynch and Bank of America all ended in the green.

Retail showed surprising strength and was up more than 4% for the day. Techs dragged as a weaker-than-expected forecast by Apple hit shares of other major tech companies. Microsoft led the index further down after it announced a partnership with Citrix Systems. The stock was down over 3%. Both Exxon and Chevron shares slipped as crude dropped to fresh one month lows.

Dow Jones was down 1.05% or 127.62 points at 11971.68. The Standard & Poor's 500 index  slipped 14.69 points, or 1.11%, to 1,310.50, while the Nasdaq composite index plunged 47.75 points, or 2.04%, to 2,292.27.

A look at how the Indian ADRs performed:

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

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

Price 38.07 4.75 9.01 23.35 12.26 61.68 113.15 7.020 27.00 16.35 17.78 12.60 21.10

Change 0.05 0.29 -0.90 0.78 0.16 -0.66 -5.47 -1.46 -3.70 -0.53 -0.05 -1.02 -1.30

Change% 0.13% 6.50% -9.08% 3.46% 1.32% -1.06% -4.61% -17.22% -12.05% -3.14% -0.28% -7.49% -5.80%

Volume 4,651,065 482,749 183,962 3,166,299 1,265,688 4,927,538 979,127 977,112 479,801 658,450 1,406,428 178,134 3,365,667

High 38.62 4.75 9.31 24.00 12.38 62.5 117.99 7.47 29.00 16.45 17.80 12.95 21.96

Low 35.00 4.10 8.17 20.50 11.16 55.85 100.00 6.06 26.30 15.06 16.46 11.55 16.00