The Hindu Business Line : Interest perks up in HDFC Bank, ICICI Bank

BENCHMARKS, both at the US and Indian markets, finished on sanguine note last week; while a string of positive economic reports on manufacturing and inflation pushed up the US markets, Reliance helped the domestic markets.

The S&P 500 increased 1.6 per cent to 1216.96 last week - its highest since March 8. The Dow Jones Industrial Average rose 1.1 per cent to 10,623.07, a level not seen since March 18. The Nasdaq Composite Index advanced 1.3 per cent to 2090.11.

The BSE Sensex ended at three-month high levels of 6906.52, a gain of 1.8 per cent while the NSE's S&P CNX Nifty jumped 1.6 per cent at 2123.40.

Moving on to ADRs, except for MTNL and Tata Motors, all the other counters finished on firm note. HDFC Bank and Infosys were the star performers. The decision by HDFC and ICICI Bank to raise interest rates on home loans by 50 basis points seemed to have influenced HDFC Bank and ICICI Bank counters.

For IT counters, strong dollar appeared to have helped them as they export heavily to the US markets. Besides, Satyam also announced the bagging of a `multimillion-dollar' order from Invista.

Firm crude prices seemed to have affected the sentiment for Tata Motors Ltd

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Lot of new offers in pipeline

Hope is itself a species of happiness

With crude price, monsoon addding pressure — Relying too much on Reliance?

Interest perks up in HDFC Bank, ICICI Bank

`Short-term FDs for meeting possible additional margin requirement'

Indian Bank to defer IPO

The Shirt Company plans IPO to fund expansion