Wall St rallies on hopes of rate cut; ADRs surge

The US indices rallied smartly last night on hopes of a Fed rate cut in September. Technology stocks were the major gainers. The Dow Jones industrial average surged 247 points to 13,289. The Nasdaq zoomed 63 points to 2563.

Indian ADRs ended with sharp gains. Patni Computers zoomed 7% to $24. Sterlite, Infosys, Satyam, Wipro, HDFC Bank, MTNL, VSNL and Tata Motors gained 3-5% each at $15.35, $47, $24.61, $14.06, $84.50, $6.73, $18.47 and $16.43, respectively.