US markets decline as Facebook listing disappoints

US markets declined further on Friday, making it the worst week for the markets in 2012, as the most awaited Facebook (FB) IPO was only able to muster a slight gain in its public debut, while the eurozone worries continued to weigh on the broad market. FB shares opened at $42.05 and rose as high as $45 before losing steam, it was said that underwriters stepped in to support the stock when it started retreating after holding at $40 levels for most of the trading session. Meanwhile, the mood of the market turned cautious before leaders of the Group of Eight nations met to discuss the eurozone debt crisis. Markets seem to have begin pricing in an increasing likelihood of a Greek exit from the euro.

The Dow Jones Industrial Average lost 73 points, or 0.59 percent, to close at 12,369.38.The S&P 500 dipped by 9.64 points, or 0.74 percent, to close at 1295.22, and the Nasdaq tumbled 34.90 points, or 1.24 percent, to finish at 2778.79.

Indian ADRs made a mixed closing on Friday, HDFC Bank was up by 0.40%, ICICI Bank was up by 0.20%, Infosys was up by 0.39%.

On the other hand, Wipro was down by 0.03% and Tata Motors was down by 0.69%.