Global markets rally; MTNL ADR soars 6%

The major indices on Wall Street closed with gains yesterday owing to lower crude oil prices and higher January retail sales. The Dow Jones Industrial Average gained 136 points to close at 11,028. The Nasdaq moved up 22 points to finish at 2262.

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.

Mirroring solid gains on the Wall Street, the Asian indices have began the day on a positive note. The Nikkei has surged 89 points to 16,274. The Hang Seng has added 29 points to 15,449.

MTNL was the major gainer among Indian ADRs, the ADR soared over 6% to $7.30. VSNL surged 4% to $17.72. HDFC Bank advanced 1% to $57.25. Satyam and ICICI Bank, finished with marginal gains at $39.20 and $30.06, respectively. Infosys and Dr.Reddy's slipped 1.2% each to $71.10 and $26.10, respectively. Wipro shed 1% to $13.80.