The US market closed higher on Wednesday, after the Federal Open Market Committee indicated a slower pace of rate hikes, following the removal of the word patient from its policy statement.
The Fed's dot plot, or survey of what Fed officials think rates should be at certain times, indicated a slower rise in rates, as the median dot for the end of 2015 declined to 0.625% from 1.125%.
While the statement put a June rate increase on the table, it also allowed the Fed flexibility to move later, stressing that any decision would depend on incoming data.
Federal Reserve Chairwoman Janet Yellen after the central bank's latest statement stated that the timing of the initial increase in the target range will depend on the committee's assessment of incoming information.
Yellen added that even after the initial increase in the target funds rate, the policy is likely to remain highly accommodative to support continued progress toward Feds objectives of maximum employment and 2% inflation.
The Dow Jones Industrial Average added 227.11 points or 1.27 percent to 18,076.19, Nasdaq was up by 45.39 points or 0.92 percent to 4,982.83 while, S&P 500 gained 25.22 points or 1.22 percent to 2,099.50.
The Indian ADRs closed in green on Wednesday; Dr. Reddy's Lab was up 0.70%, HDFC Bank was up 0.68%, Infosys was up 0.51%, Tata Motors was up 0.23% and ICICI Bank was up 0.19%
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