The Hindu Business Line : Ends on weak note

IT was one of the most volatile weeks for both the US and the Indian markets. The US Federal Reserve Chairman, Mr Alan Greenspan's announcement that the pace of interest-rate increases is not about to slow seemed to have affected the US markets, especially the financial sector stocks.

During the week, the Dow Jones Industrial average lost 0.1 per cent to 10,785.22 while the Standard & Poor's 500 Index fell 0.3 per cent to 1201.59. The tech-focussed Nasdaq slid 0.9 per cent to 2058.62,

The Indian bourses too witnessed a similar trend ahead of the Budget, which is scheduled for February 28. Surrendering initial gains, the BSE Sensex closed the week 0.74 per cent lower at 6,584.32; the NSE's Nifty lost 1.27 per cent.

In tandem with the general market condition, most of the Indian ADRs which gained during the early part of the week, however, failed to end in positive zone.

Infosys, which hit its new 52-week again at $75.7, succumbed to selling pressure to end weak at $72.8 against the previous week close at $74. Its premium also dropped sharply to 47.41 per cent (54.19 per cent).

ICICI Bank was the other counter to register its new 52-week high at $22.29 and closed the week at $22 ($21.37).

Another counter to end in positive territory was Dr. Reddy's Lab, which closed at $17.78 ($17.6). However, it was the Internet counters that stole the limelight with Sify and Rediff.com scoring impressive gains.

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