Wall St soars on Fed rate cut

The US indices rallied smartly on the back of a 50 bps rate cut by the Federal Reserve, the first cut in four years. The Dow Jones industrial average surged 336 points to 13,739. The Nasdaq soared 70 points to 2652.

Indian ADRs, too, sizzled on the Wall Street. Patni Computers and HDFC Bank zoomed nearly 7.5% each to $22.76 and $96.49, respectively. Infosys, Satyam, Wipro, ICICI Bank, MTNL and Tata Motors gained 3-5% each.