US Nasdaq tumbles nearly 4%

The US share market finished session lower on Tuesday, 26 April 2022, with the Nasdaq plunging to its lowest closing level in over a year, as worries over everything from elevated inflation, tightening monetary policy, Covid-19 lockdowns in China and the ongoing war in Ukraine continued to weigh on investors' risk sentiments.

At the close of trade, the Dow Jones Industrial Average index fell 809.28 points, or 2.38%, to 33,240.18. The S&P500 index was up down 120.92 points, or 2.81%, to 4,175.20. The tech-heavy Nasdaq Composite Index tumbled 514.11 points, or 3.95%, to 12,490.74.

Tesla shares slumped 12% as investors worried that chief executive Elon Musk might sell some of his stake in the electric car maker to help pay for his $44 billion deal to buy Twitter, announced on Monday.

Alphabet Inc and Microsoft Corp both dropped almost 4% ahead of their results after the closing bell.

United Parcel Service Inc fell 3.5% despite reporting a rise in quarterly adjusted profit, while U.S. hospital operator Universal Health Services Inc slumped nearly 9% after its earnings missed estimates.

Among Indian ADR, Wipro fell 2.2% to $6.71, INFOSYS fell 1.4% to $20.12, HDFC Bank fell 1.2% to $55.57, ICICI Bank fell 1.7% to $19.10, WNS Holdings fell 2.6% to $78, and Azure Power Global fell 11.8% to $12.93. Tata Motors 1.1% to $27.67 and Dr Reddy's Labs fell 0.15% to $53.31.

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