US markets bounce back, Indian ADRs rally

US markets bounced back into positive mode yesterday, as the gross domestic product growth report reflected a strong and robust economy with a check on inflation.

The Nasdaq composite up 21.07 points to 2,071.24 rose 1%.

The Dow Jones industrial average closed 79.80 points up to 10,537.60, and the Standard & Poor's 500 up 7.61 points to 1,197.62, both saw smaller gains.

Most of the Indian ADRs had a good rally in the US markets yesterday. Infosys vaulted 5% (up $3) to $72 and clocked a share volume of 4,781,044. Wipro surged to $21.50, up 8% from its previous close, was the biggest gainer among the Indian ADRs.

Satyam and VSNL gained 3% each to close at $21.50 and $9.83 respectively.

HDFC Bank jumped 2% to $41.94, while ICICI Bank was up by a per cent to close at $19.50.

Dr Reddy, MTNL and Tata Motors posted a per cent gain to end the session at $16.27, $6.34 and $10.20 respectively.