Financial Daily from THE HINDU group of publications
Monday, Oct 10, 2005
Financial Daily from THE HINDU group of publications Monday, Oct 10, 2005 |
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Markets
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Stock Markets Columns - ADR Watch ICICI Bank slips sharply K.S. Badri Narayanan
THE increased decibel on interest rates (hike plans) to fight inflation by the US Federal Reserve coupled with lower-than-expected forecasts from companies such as Lexmark International Inc and Clorox Co affected the sentiment for US equity market. The S&P 500 slumped 2.7 per cent to 1195.90 and the Nasdaq slipped 2.9 per cent to 2090.35; according to Bloomberg, it's the biggest weekly drop since April for both the indices. The Dow Jones Indl Average dwindled 2.6 per cent to 10,292.31, its worst week since June. The domestic markets, after a firm start, too tumbled as FIIs made a hefty withdrawal. The BSE Sensex after scaling to a historic high of 8,821.84 fell to at 8,491.56, a decline of 1.66 per cent over the preceding week. The NSE's Nifty tumbled 1.05 per cent at 2574.05. In line with the domestic market movement, the Indian ADRs finished lower after beginning the week on firm foot. In fact, Dr. Reddy's Lab, HDFC Bank, Satyam Computer, Tata Motors and Rediff.com hit their 52-week high during the earlier part of the week. However, they later succumbed to the broad market trend. ICICI Bank was the biggest loser; the bank's board will meet on October 13 to consider the sale of new shares. (It may be mentioned here that the RBI has capped FII buying in the bank). It will announce its H1 earnings on the same day. News corner: Dr Reddy's Lab announced that it is planning a big-ticket acquisition in Europe to strengthen its generics portfolio. Infosys Technologies is scheduled to announce its second quarter (ended September 30, 2005) financial performance on Tuesday. Embarcadero Technologies(R), Inc. and Wipro Technologies announced the expansion of their existing partnership.
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