Wall St surges; ADRs zoom; Oil drops

The US stocks rallied on Wednesday as the Federal Reserve kept interest rates unchanged for the second straigth month. The Dow Jones industrial average gained 72 points at 11,613. The Nasdaq surged 30 points to 2253.

Indian ADRs witnessed frenzied buying. VSNL zoomed 7.5% to $18.04, and MTNL surged nearly 5% to $6.88. ICICI Bank, Infosys, Satyam, Wipro, HDFC Bank and Tata Motors gained 2-4% each. Patni Computers, however, slipped 2% to $18.94.

The crude oil futures for October delivery continued to slip, the commodity dropped 2% ($1.20) to settle at $60.46 per barrel on the NYMEX.