US markets ended sharply lower on Friday mirroring the global sell-off. Dow after falling in triple digit for the second straight day posted its worst week since 2011. Last session's disappointing reading on Chinese manufacturing activity kept generating negative sentiment regarding the outlook for the global economy. On the earnings front too there was disappointment, Procter & Gamble on Friday reported lower quarterly profit, but it left its 2014 sales growth forecast unchanged. Markets could continue to remain under pressure in the week ahead, as investors await the Fed's statement. The Fed will issues its post-meeting statement on January 29 and is widely expected to announce a second phase of tapering. The meeting is also the last to be chaired by Fed Chairman Ben Bernanke, after that Vice Chair Janet Yellen will take over the role.
The Dow Jones Industrial Average slumped by 318.24 points or 1.96 percent to 15,879.11, the Nasdaq plummeted by 90.70 points or 2.15 percent to 4,128.17 and the S&P 500 plunged by 38.17 points or 2.09 percent to 1,790.29.
Indian ADRs closed in red on Friday, HDFC Bank was down by 1.31%, ICICI Bank was down by 2.05%, Infosys lost 1.67%, Tata Motors was down by 1.63% and Wipro was down by 0.54%.