Global markets positive; Oil drops 3%

The US markets moved up on Wednesday. The Dow closed with a gain of 31 points at 11,059, and the Nasdaq added 14 points to 2276. The crude for March delivery tumbled 3% to $57.83 a barrel.

The curde oil dropped below the $60-mark for the first time this year. The March delivery futures plunged $1.67 to end at $59.57 a barrel.

The Nikkei has rallied 111 points to 16,044. The Hang Seng has gained 73 points at 15,496.

The Indian ADRs ended mostly with gains. MTNL surged 2.3% to $7.47, and VSNL spurted 1.4% to $17.97. Satyam, Wipro, Dr.Reddy's and ICICI Bank too finished with smart gains at $39.82, $13.97, $26.35 and $30.31, respectively. However, HDFC Bank declined 2.2% to $56.01, and Infosys was down 0.4% at $70.83.