Indian ADRs vault after Fed rate cut
Indian ADRs vault after Fed rate cut American markets vaulted higher on Tuesday (September 18) after the Federal Reserve cut its benchmark interest rate by a 50 basis points (bps). The Dow Jones industrial average had its biggest jump in nearly five years. Most of the analysts and the investor community were betting on a 25 bps cut in the federal funds rate. The Fed lowered the benchmark fed funds rate to 4.75%. The Dow soared 335.97, or 2.51%, to 13,739.39. The last time it rose more than 300 points in one session was Oct. 15, 2002, when it gained 378 points. Indian ADRs following their US counterparts ended with thumping gains buoyed up by the Fed`s decision. There were no losers on the Indian ADR index.
The NASDAQ composite index gained 70.00, or 2.71%, to 2,651.66.
| Company | USD | % Change |
| Cognizant | 74.30 | 3.24 |
| Infosys | 49.50 | 5.39 |
| ICICI Bank | 46.99 | 5.45 |
| Satyam | 24.85 | 4.37 |
| Tata Motors | 17.69 | 3.57 |
| Sterlite | 16.55 | 2.54 |
| Wipro | 14.28 | 4.39 |
| HDFC Bank | 96.49 | 7.46 |
| MTNL | 7.61 | 5.26 |
| VSNL | 21.53 | 7.81 |
| Sify | 7.53 | 1.62 |
| Dr Reddy`s | 16.11 | 1.13 |
| Rediff | 15.61 | 3.04 |
| Patni | 22.76 | 7.36 |
| MS India |
