The US markets coming out of the Thanksgiving consolidation, ended lower on Monday with the S&P 500 suffering its biggest one-day drop in more than a month, as economic data indicated weakness across the globe. Credit ratings agency Moody's downgraded Japan's debt rating by one notch to A1 from Aa3. Though, it said the outlook is stable but warned of heightened uncertainty over the achievability of Japan's deficit reduction goals. On the same time the Chinese manufacturing activity declined in November.
On the domestic front the growth in the US manufacturing sector slowed for a third straight month in November, decelerating to its most sluggish since January. Although, the Institute for Supply Management showed that its index of US manufacturing activity fell by much less than anticipated in the month of November. The ISM said its purchasing managers index edged down to 58.7 in November from 59.0 in October. Traders were also concerned with indications of lower holiday spending over the vital Thanksgiving weekend.
The Dow Jones industrial average declined by 51.44 points or 0.29 percent, to 17,776.9, the S&P 500 lost 14.12 points or 0.68 percent, to 2,053.44 and the Nasdaq Composite ended lower by 64.28 points or 1.34 percent, to 4,727.35.Indian ADRs ended in red on Monday, HDFC Bank was down by 2.31%, ICICI Bank was down by 0.69%, Tata Motors was down by 0.05% and Wipro was down by 0.02%.
Indian ADRs ended in red on Monday, HDFC Bank was down by 2.31%, ICICI Bank was down by 0.69%, Tata Motors was down by 0.05% and Wipro was down by 0.02%.