In US markets, stocks advanced on expectation that the Federal Reserve will slash interest rates for the second time in a week. The USD 146 billion economic stimulus package also triggered gains.

The Federal Open Market Committee will be announcing its decision later tonight. The Fed Fund Futures indicate a near-certainty of a half-point cut.

JP Morgan Chase and Wells Fargo led financial shares higher on a bet that lower interest rates will boost their profits. Bank of America said it would go ahead with its acquisition of countrywide financial despite the latter's poor earnings.

Orders for US durable goods rose more than forecast, but home price index showed an 8.4% price decrease in 2007, but again, hopes for a rate cut boosted builder stocks.

Technology languished. Google shares lost almost 2.7% ahead of its earnings on Thursday, while Yahoo reported fourth-quarter earnings, its share fell 8.5% in extended trading.

The Dow Jones gained 96.41 points, or 0.78%, to 12,480.30.  The Standard & Poor's 500 index advanced 8.34 points, or 0.62%, to 1,362.30,and the Nasdaq composite shot up 8.15 points, or 0.35%, to 2,358.06.

A look at how the Indian ADRs performed:

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

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

Price 40.21 4.75 9.15 25.10 11.89 62.26 119.32 6.87 26.06 14.17 18.60 14.40 19.94

Change 0.50 0.22 0.35 0.06 -0.12 -1.67 0.00 -0.13 -1.59 -0.20 0.08 0.74 -0.34

Change% 1.26% 4.86% 3.98% 0.24% -1.00% -2.61% 0.00% -1.86% -5.75% -1.39% 0.43% 5.42% -1.68%

Volume 2,990,279 173,628 179,943 755,104 711,980 2,035,718 430,450 306,579 89,172 422,694 846,212 32,200 1,605,902

High 40.67 4.78 9.17 25.51 12.22 62.70 119.98 6.95 28.14 14.32 18.76 14.52 20.26

Low 39.43 4.51 8.70 24.81 11.78 60.75 115.97 6.65 25.83 13.95 18.33 13.58 18.54