Indian ADRs: HDFC Bank gaines 4%, MTNL up 2.8%

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Indian ADRs: HDFC Bank gaines 4%, MTNL up 2.8%

Indian ADRs: HDFC Bank, MTNL, Infosys, VSNL, Sterlite, ICICI Bank and Tata Motors gained, while Patni plunged.

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ALSO READ See how Asian markets are doing

US markets breathed a sigh of relief after the European Central Banks injected 500 billion dollars into the financial system, a move which could help the economy withstand a deteriorating housing market. Weak housing starts data reflected a continued weak housing market but because they were largely in line with expectations, they didn't have much bearing on the markets. In stocks in action Goldman Sachs reported strong fourth quarter numbers above street expectations.

The Dow Jones industrial average gained 65.27 points, or 0.50%, at 13,232.47. The Standard & Poor's 500 Index rose 9.08 points, or 0.63%, at 1,454.98. The Nasdaq Composite Index advanced 21.57 points, or 0.84%, at 2,596.03.

A look at how the Indian ADRs performed: