Wall St rallies; Oil drops; ADRs surge

The US stocks rallied on Tuesday following a sharp drop in crude oil prices. The Dow Jones industrial average rallied 101 points to 11,498. The Nasdaq surged 43 points to 2216.

Indian ADRs surged across-the-board. Infosys and HDFC Bank soared 4.5% each to $46.10 and $57.35, respectively. ICICI Bank rallied 4% to $27.25. MTNL and Tata Motors surged 3% each to $6.64 and $18.74, respectively. Patni Computers and Wipro was up 2% each at $19 and $12.50, respectively.

The crude oil futures for October delivery plunged 2.8% or $1.85 to settle at $63.76 per barrel on the NYMEX.