After starting the day strong, the US markets sold off sharply midday. The major averages climbed higher toward the end of the session, but the Dow still ended modestly lower and the S&P 500 only managed a slight gain. The Dow closed 23.05 points lower (-0.28%) to end the day at 8,299.86. The index rose modestly initially, but fell through as the day progressed. The NASDAQ closed 27.42 points higher (+1.55%) to finish at 1,792.34.

Most of the Indian ADRs ended positively on Wednesday. HDFC Bank (HDB) was the biggest gainer, up 3.05%, closing at $96.97.  Sterlite Industries (SLT) was the biggest loser, down 0.20%, closing at $11.66.

News of the European Central Bank (ECB) pumping in €442 billion into the Eurozone’s weakened banking system brought some cheer to the markets there. The UK’s FTSE closed 49.96 points up (+1.18%), ending at 4,280. Germany’s DAX closed 128.86 points up (+2.74%), ending trading at 4,836.

As of 11:40 am IST, the Asian markets were witnessing significant gains. While Japan’s Nikkei is currently trading 201.34 points higher, up 2.10%, the Hang Seng is currently trading 388.56 points higher, up 2.17%.

WTI Brent crude oil closed at $68.85 per barrel, up $0.18 (+0.26%). Nymex light crude August futures closed at $68.86, up $0.19 (+0.28%). August COMEX gold futures closed at $935.70 per ounce, up $1.30 (+0.14%).

As of 11:45 am IST, the Yen (¥) fell against the USD, by ¥0.46 to ¥96.19. The Euro (€) rose €0.0019 to €0.7157 against the dollar. The Pound (￡) rose ￡0.0008 to ￡0.6082 against the dollar.

The rupee remained virtually unchanged at Rs. 48.55/56 on Wednesday, against the greenback.

Tags: Asian Equities, Comex Gold, Commodities, Currencies, DAX, DJIA, Dow, Euro, European equities, FTSE, Hang Seng, International Markets, NASDAQ, Nikkei, Nymex Crude, NYSE, Pre-market summary, Rupee, Rupee/USD, US equities, USD, USD/Euro, USD/JPY, WTI Brent Crude, Yen

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