Wall Street surges; Dow up 214 points

In the US markets, stocks rallied on stronger-than-expected May sales by Wal-Mart and other retailers and a surprising fall in weekly jobless claims, spurring optimism about the economy's health.

Energy stocks gave the biggest boost. The price of oil roared back from a three-week low as a big drop in the dollar forced traders to backtrack from bets that crude had further to fall.

It was followed by telecom services, which jumped 2.9% on the report that Verizon has agreed to acquire Alltel for a total consideration of $ 28.1 billion. In the economic news, jobless claims unexpectedly fell by 18,000 last week.

The Dow gained 213.97 points, or 1.73%, to 12,604.45. The Standard & Poor's 500 index advanced 26.85 points, or 1.95%, to 1,404.05, and the Nasdaq composite index surged 46.80 points, or 1.87%, to 2,549.94

A look at how the Indian ADRs performed: