The Wall Street rallied smartly on Tuesday after the US Federal Reserve cut rates to a record low, even zero, and pledged more unconventional steps to fight recession.
The US Federal Reserve cut interest rates by 75 basis points to zero to 0.25 per cent.
The Dow Industrial Average index soared over 4% (360 points) to 8,924. The Nasdaq zoomed 5.4% (82 points) to 1,590.
Indian ADRs, too, ended with sharp gains. HDFC Bank and Tata Communications zoomed 11.5% each to $74.12 and $22.94, respectively. ICICI Bank soared 11% to $19.27. Genpact surged 8% to $7.75. Wipro and Dr.Reddy's rallied 4% each to $7.69 and $9.76, respectively.
Satyam, however, slumped 54.5% to $5.70 after the company announced its $1.6 bn Maytas acquisition.
