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K.S. Badri Narayanan

FOR the first time in 2005, the US stocks recorded their weekly gains thanks to better-than-expected quarterly performance from Johnson & Johnson and Texas Instruments Inc.

Last week, the S&P-500 and the Dow Jones Industrial Average gained 0.3 per cent at 1171.36 and 10,427.20 respectively while the tech-focussed Nasdaq inched up 0.1 per cent at 2035.83.

After initial weakness, the domestic markets witnessed a smart turnaround on a host of positive developments such as State Bank of India's third quarter results, FII buying, pre-Budget expectations and the Government's decision to sell 10 per cent equity in BHEL and 7.5 per cent in Maruti Udyog.

The BSE Sensex jumped close to 4 per cent to 6419.09 and the NSE's S&P CNX Nifty jumped 4.31 per cent 2014.25.

For the ADRs too, it was one of the better weeks, as most of them ended in the positive territory.

Leading the gainers list were tech ADRs - Infosys, Wipro and Satyam Computer. While Infosys flared up to $63.78 against the previous week's

close of $61.58, Wipro and Satyam closed at $21.46 ($20.95) and $23.21 ($22) respectively.

MTNL too gained at $7.11 ($7.02) in anticipation of strong Q3 numbers and dividend. However, the company on Saturday announced a 58-per cent drop in third quarter net profits. It announced an interim dividend of Rs 2 or 20 per cent a share.

Tata Motors, which is scheduled to announce its third quarter results on Monday, also ended firm at $10.95 ($10.6). Dr Reddy's Lab is also slated to declare its financial performance on Monday; the ADR closed a tad better at $17.26 ($17.17).

The strong performance by SBI revived the banking ADRs - HDFC Bank and ICICI Bank; the former ended at $42 ($41.84) while the latter closed at $18.72 ($18.88), recovering from intra-week low levels.

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