New York - US stocks soared Wednesday for a fourth straight trading session.

Since its November 20 close, the broad-based Standard & Poor's 500 Index has gained 18 per cent as president-elect Barack Obama has announced appointments to financial posts within his administration and endorsed a push for major financial stimulus legislation. He takes office on January 20.

Indian equities continued to trade in the positive zone because of strong buying action witnessed in index heavyweights.

Short-covering prior to expiry of November series derivatives contracts has contributed significantly to the rise in stock prices this afternoon.

Oil & gas, banking, FMCG stocks went up, while auto and consumer goods stocks saw profit booking.

BSE Midcap and Smallcap index lost 0.88% and 1.13% respectively.

Seoul - Shares closed 4.7 per cent higher Wednesday on the Seoul stock exchange as the US government's rescue plan for Citigroup Inc helped boost investor confidence.

Tokyo  - Tokyo stocks closed lower Wednesday on renewed concerns about the economy of the United States, a major export market for Japan.

The Nikkei 225 Stock Average fell 110.71 points, or 1.33 per cent, to close at 8,213.22. The index gained more than 5 per cent Tuesday after the US government announced a bail-out plan for the struggling Citigroup Inc.

The broader Topix index of all first-section issues was also down 14.36 points, or 1.73 per cent, at 817.22.

Sydney  - BHP Billiton Ltd's aborted bid for mining rival Rio Tinto Ltd dragged Australian stocks down Wednesday.

The ASX 200 gave up 83 points, or 2.2 per cent, to close at 3,540.

Rio's share price plunged by a third in the wake of BHP's decision to call off its hostile takeover bid over concerns it would be taking on too much debt if it won control of the world's second-biggest producer of iron ore.

In contrast, investors welcomed the failure of the bid, driving up the share price of the world's biggest mining company by 4 per cent.

"BHP is a better story with a lot less debt," said DJ Carmichael and Co analyst Chris Chong.