Financial Daily from THE HINDU group of publications
Monday, May 03, 2004
Financial Daily from THE HINDU group of publications Monday, May 03, 2004 |
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Markets
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Stock Markets Columns - ADR Watch Bear mauling spares none K.S. Badri Narayanan
THE Nasdaq witnessed its steepest fall in two years on concern that the US Federal Reserve will raise interest rates. The Standard & Poor's 500 Index and Nasdaq fell for a third week in four. S&P 500 dropped 2.9 per cent to 1107.30, erasing its 2004 gain. The index is down 0.4 per cent this year. The Dow Jones Industrial Average slipped 2.4 per cent to 10,225.57. The Nasdaq declined 6.3 per cent to 1920.15. According to Bloomberg, Nasdaq recorded its biggest weekly drop since the five days ended April 26, 2002. For the domestic market, the exit polls' projections that the BJD-led NDA is not doing well affected the sentiment sharply. The BSE sensitive index plummeted 4.56 per cent and the NSE's S&P CNX Nifty dwindled by whopping 5.4 per cent. The negative sentiment at the bourses pervaded across the Indian ADR counters as none of them finished in positive territory. Internet majors Rediff.com and Sify were the biggest casualties losing 33 per cent and 24 per cent respectively; Rediff.com, in fact, announced better financial numbers for the year ended March 31, 2004; its net loss narrowed to $5.7 million against a net loss of $19 million recorded in the previous fiscal and the same for the last quarter stood at $2.1 million (-$5.9 million). Telecom majors VSNL & MTNL also fell sharply by about 14 per cent and 12 per cent at $7.45 ($8.45) and $7.61 ($8.63) respectively. The latter also declared higher profit for the year ended March 31, 2004 at Rs 1,277.68 crore (Rs 877.15 crore). Among the IT counters, Wipro witnessed steep fall at $43.05 ($49.17) followed by Infosys at $80.74 ($88) and Satyam Computer ($19.42 ($20.97). ICICI Bank, which posted a robust net profit at Rs 1,637.10 crore (Rs 1,206.18 crore) for the year ended March 31, 2004, also fell to end the week at $15.5 ($10.14). The other banking counter, HDFC Bank also fell by seven per cent at $29 ($31.19). The premia for ICICI Bank, Infosys, Satyam Computer and Wipro ADRs fell sharply.
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