Yesterday in US markets: Dow Jones soared 498 points or 6.8% at 7776, S&P 500 jumped 55 points or 7.1% at 823 and Nasdaq gained 98.5 points or 6.8% at 1556. US markets had rallied nearly 25% since recent lows since March 9 (last 10 trading sessions).
Indian ADRs rallied on Monday as the US markets ended the day with gains of 6%. In Banking space, HDFC Bank was up 23.42% at $ 63.76 and ICICI Bank was up 15.95% at $ 14.54. In IT space, Wipro was up 16.52% at $ 7.69, Infosys was up 6.68% at $ 27.62, Satyam Computers was up 4.49% at $ 1.63 and Patni Computers was up 6.98% at $ 5.67. In Telecom space, Tata Communication was up 12.65% at $ 21.20 and MTNL was up 16.45% at $ 2.69. In other sectors, Sterlite Industries was up 10.34% at $ 6.83, Tata Motors was up 13.33% at $ 5.10 and Dr Reddy.
Asian markets surged at the start of trade Tuesday, with financial stocks to be among the leaders, as the US government's plan to absorb toxic debts met with investor approval. China's Shanghai Composite gained 1.39% or 32.31 points at 2,357.79. Hong Kong's Hang Seng rose 1.69% or 226.75 points at 13,674.17. Japan's Nikkei added 2.07% or 170.35 points at 8,385.88. Singapore's Straits Times advanced 1.28% or 21.34 points at 1,685.42. South Korea's Seoul Composite surged 1.24% or 14.85 points at 1,214.35. Taiwan's Taiwan Weighted was up 1.85%
Oil prices jumped 3% to trade above $ 53 a barrel, the highest level in nearly three months, as a US plan to purge banks of toxic assets triggered a rally on Wall Street. Nymex May crude is up 3.3%, at $ 53/bbl level. It is trading at 4-month highs on strong equity markets. US government lays out plan to buy $ 1 trillion in toxic assets. US February existing home sales jump at 5.1%. OPEC keeps vigil on compliance to 4.2 m bpd output cut. A 5-day strike in Brazilian energy is firm. Near-term range for crude is seen between $ 52-55/bbl.
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