Wall Street rallied on better than expected housing nos and after JP Morgan raised offer for Bear Stearns; deal expected to close by April 8th.

US markets rallied to its highest level this month. The rally was mainly led by news of JP Morgan Chase raising its offer for Bear Stearns and better than expected home sales.

The tech-heavy Nasdaq had its best two-day percentage gain in five years. That was enough to catapult the Nasdaq out of bear-market territory.

JP Morgan has upped its bid from $ 2 a share to $ 10 a share. The Bear Stearns stock shot up more than 50%. JP Morgan shares gained 1.3%. Other financials followed suit.

Much-needed good news came from the housing sector. Existing-home sales rose by 2.9%. This lifted homebuilder stocks. They had their best day in 6 onths. There are a lot of data points coming out of the US to watch out for this week. All eyes will be on consumer confidence, durable goods and the GDP.

The Dow gained 187.32 points, or 1.52%, to 12,548.64. The Standard & Poor's 500 index advanced 20.37 points, or 1.53%, to 1,349.88, and the Nasdaq composite index added 68.64 points, or 3.04%, to 2,326.75.

A look at how the Indian ADRs performed:

Name Infosys Sify Rediff.com India Satyam Wipro ICICI Bank HDFC Bank MTNL Tata Comm Dr Reddy's Lab Tata Motors Patni Computer Sterlite Ind

Symbol INFY SIFY REDF SAY WIT IBN HDB MTE TCL RDY TTM PTI SLT

Price 36.30 4.15 7.65 23.81 11.34 40.66 101.91 4.90 27.43 14.32 16.86 11.78 17.00

Change 2.42 0.15 0.67 1.81 0.68 4.71 7.54 0.00 2.10 1.03 1.01 0.43 0.14

Change% 7.14% 3.75% 9.60% 8.23% 6.38% 13.10% 7.99% 0.00% 8.29% 7.75% 6.37% 3.79% 0.82%

Volume 3,070,107 146,888 102,508 1,068,295 483,330 6,489,203 927,477 484,235 86,027 413,941 1,077,545 172,200 883,899

High 36.49 4.20 7.70 23.94 11.34 40.87 105.97 4.98 27.88 14.50 16.90 12.00 17.20

Low 34.18 3.94 6.85 21.99 10.72 38.84 98.32 4.79 25.40 13.35 16.20 10.80 16.90