The Hindu Business Line : Weak ending for all except Sify, Rediff.com

AMIDST volatile crude prices, the US stocks declined last week following the weak advice from corporate majors such as Wal-Mart Stores, Gateway Inc and Deere & Co; the S&P's 500 Index slipped 0.9 per cent to 1219.71, the tech-focussed Nasdaq fell 1 per cent to 2135.56 while the Dow Jones Industrial Average inched down 0.4 per cent to 10,559.23.

For the Indian bourses, it was a volatile week though the benchmarks - the BSE Sensex and the NSE's S&P CNX Nifty - recorded their all-time peaks during intra-week. After scaling to new high at 7921.39, the Sensex closed with a meagre gain of 0.17 per cent at 7781.70 while the NSE Nifty jumped 0.9 per cent to 2383.45.

Moving along with the US markets, the Indian ADRs also suffered. Except for Sify and Rediff.com, other counters ended in negative territory despite some positive announcements made by the companies.

Dr. Reddy's announced that it has won the US Food and Drug Administration's initial approval to sell a drug used to treat ulcers in the US.

HDFC Bank said that it has applied to the regulator for a licence to start a non-banking finance company.

Tata Motors declared that it has agreed to buy INCAT International Plc, a software service solutions provider, through its US unit Tata Technologies Inc for 220 pence a share (Rs 169.40 a share).

However, Internet counters Sify and Rediff.com closed at $5.25 ($4.71) and $13.2 ($9) - a gain of 11 per cent and 46 per cent respectively.

However, there were not much deviations on the premium/discount front with most of the counters' premium/discount ruling around the previous week levels.

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