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K.S. Badri Narayanan

THE insipid data on jobs coupled with record oil prices affected the mood for the US equities. The Dow Jones dipped 0.4 per cent to 10,404.30, a level which it did not see since January 24; the Nasdaq shed 0.3 per cent to 1984.81. However, the broad based S&P 500 gained 0.1 per cent thanks to energy stocks.

On the other hand, domestic markets discounting firm oil prices and slowdown in FIIs activity, staged strong recovery. The BSE Sensex gained 2.5 per cent at 6605.04 while the NSE's S&P CNX Nifty jumped 2.6 per cent at 2067.65.

It was a range-bound week for the Indian ADRs. However, Satyam jumped close to eight per cent at $24.05 against the previous week close of $22.31. Reports that software exports may grow 35 per cent, better than anticipated, seemed to have acted as a trigger.

However, Infosys finished lower at $73.58 ($75.02) and Wipro at $20.88 ($20.35).

Dr. Reddy's Laboratories' announcement that it will receive $56 million from ICICI Venture Funds Management Co to develop drugs for sale in the US and pay for research and legal costs did improve the sentiment for the counter. However, the positive mood did not last long as it finished lower at $17.20 ($17.30) after touching an intra-week high of $17.64.

MTNL disputed a claim of Rs 1,840 crore by BSNL towards overdue connection charges and said that it owes only Rs 150 crore to the latter. There were reports that BSNL may purchase the Government's take in MTNL. Amidst all these, the ADR finished marginally weak at $6.54 ($6.65).

Tata Motors inched up to $9.99 ($9.67) after the company said that it is in talks with a Thai partner to set up a plant to assemble pickup trucks in the Southeast Asian country.

VSNL also closed a tad better at $8.53 ($8.48) after it said that the company's board is meeting on April 11 to consider transferring surplus land to a separate company as part of an agreement with the Government when it bought the shares from the latter.

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