The US markets closed lower for a third straight session on Monday, as concerns about the pending Fed policy meeting, which concludes Wednesday, and the UK referendum set for June 23 on Britain’s membership in the EU have raised the collective level of anxiety among investors. Recent polls have shown the race is tight, with some polls showing a majority of British voters are in favor of exiting the EU. The central bank's two-day meeting will start Tuesday, with a decision on interest rates Wednesday afternoon. Fed Chairwoman Janet L. Yellen is scheduled to hold a news conference after the interest rate decision. The CBOE Market Volatility Index, known as the fear index, rose above the 20-level for the first time since March 1 on mounting worries about the state of the global market. No key economic data were on the calendar for Monday, but a hefty amount of updates will be sprinkled throughout the week, including readings on retail sales and home construction.
The Dow Jones Industrial Average was down by 132.86 points or 0.74 percent to 17,732.48, Nasdaq lost 46.11 points or 0.94 percent to 4,848.44 while, S&P 500 dropped 17.01 points or 0.81 percent to 2,079.06.
The Indian ADRs closed mostly in red; HDFC Bank was down 0.90%, Tata Motors was down 0.57%, Infosys was up 0.15% and Wipro was up 0.14%. On the other hand, Dr. Reddy’s Lab was up 0.55%.
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