The US markets edged higher for yet another day with both the Dow and S&P 500 ending at record highs, as data pointed to improving conditions in the US services sector, boosting cyclical stocks. However, major gains were contributed by the Federal Reserve's Beige Book which said US economic activity continued to expand in October and November, and a number of districts noted that contacts remained optimistic about the outlook. The information in the Beige Book will be used by the Fed to determine any changes to monetary policy at the Federal Open Market Committee meeting later this month.
On the economic front a gauge of growth in the U.S. services sector rose more than expected in November even as its employment component dipped, according to ISM, its non-manufacturing index jumped to 59.3 in November from 57.1 in October. Also, the payroll processor ADP in its report showed that private sector job growth fell short of economist estimates in November. ADP said private sector employment rose by 208,000 jobs in November, while economists had been expecting an increase of about 225,000 jobs.
The Dow Jones industrial average gained 33.07 points or 0.18 per cent, to 17,912.62, the S&P 500 was up by 7.78 points or 0.38 per cent, to 2,074.33 and the Nasdaq Composite ended higher by 18.66 points, or 0.39 per cent, to 4,774.47.
The Indian ADRs ended mostly in green on Wednesday; HDFC Bank was up by 0.21%, ICICI Bank was up by 1.89%, Wipro was up by 0.17% and Tata Motors was up by 1.12%.