Wall St extends gains; ADRs shine

The US indices extended gains yesterday for the second straight day following the 50 bps rate cut by the Federal Reserve on Tuesday. The Dow Jones industrial average moved up 76 points to 13,816. The Nasdaq added 15 points to 2666.

Indian ADRs ended with smart gains. Patni Computers soared 4.6% to $23.81, and Satyam surged 3.5% to $25.71. Sterlite and HDFC Bank rallied 2.7% each to $16.99 and $99.09, respectively. Genpact, ICICI Bank, MTNL, Tata Motors and Dr.Reddy's were up 1-2% each. VSNL, however, dropped 2.5% to $21.