US markets picked up where they had left off last week and traded higher in the face of seemingly negative developments like weak dollar & high oil prices. Stocks closed broadly higher as expectations of a Fed rate cut offset those concerns. There are speculations that the Federal Reserve will knock down short-term interest rates a quarter point on Wednesday.

Another round of earnings provided encouragement that the fallout from the subprime crisis wasn't widespread but analysts worried that rising commodity prices and a sagging dollar would eventually take their toll. The Dow added 0.5% to close at 13,870. The Nasdaq too gained 0.5% to 2,817. Meanwhile the S&P 500 increased 0.4% to 1,541.

Indian ADRs end high; ICICI Bank spurts 6.5%

Indian ADRs ended the day with good gains and on a day when the BSE Sensex crossed the 20,000 mark. In the technology pack, Infosys Technologies was up 3.51% at $ 50.95, Patni Computers was up 0.09% at $ 22.69, Satyam Computers was down 0.37% at $ 29.73, while Wipro ended the day 1.01% higher at $ 16.03.

In the non-technology pack, HDFC Bank was up 5.2% at $ 132.40, VSNL was up 2.96% at $ 31.64, ICICI Bank was up 6.53% at $ 68.86, MTNL was up 5.02% at $ 9.83, Tata Motors was up 2.76% at $ 20.85, Dr Reddy's Lab was up 1.76% at $ 16.20 and Sterlite was up 4.26% at $ 24.99.