Financial Daily from THE HINDU group of publications
Monday, Dec 05, 2005
Financial Daily from THE HINDU group of publications Monday, Dec 05, 2005 |
|
|
|
|
|
|
|
Markets
-
Stock Markets Columns - ADR Watch VSNL ends on firm note K.S. Badri Narayanan
PROFIT-taking coupled with increasing oil prices weakened the US markets, which declined last week for the first time in six weeks. The Dow Jones Industrial Average lost 0.5 per cent to 10,877.51 and the S&P's 500 Index slid 0.3 per cent to 1265.08. According to Bloomberg, Dow and S&P indices dropped for the first time since the week ended October 21. However, the Nasdaq added 0.5 per cent to 2273.37. The index climbed for a seventh straight week, the longest streak since December 1999. On the back of strong foreign institutional investors' buying, Indian markets witnessed a firm trend. The BSE Sensex gained 0.82 per cent, extending its winning streak to fifth straight week; the National Stock Exchange's S&P CNX Nifty improved by 14.50 points to close the week at 2697.95. However, it was one of the dull weeks for the Indian ADRs as most of them moved in a tight band and ended on a flat note. VSNL was the star performer. The ADR gained about seven per cent to close at $16.9 against the previous week close of $15.8. ICICI Bank was the other major gainer at $26.55 ($24.84). Dr. Reddy's Lab, which announced that its newly formed research and development unit Perlecan Pharma started human trials of a drug to treat obesity, closed weak at $21.05 ($21.85). Though the underlying stock of Infosys Technologies gained sharply, its ADR finished weak at $73.95 ($74.18). The stock finished firm at Rs 2,483 (Rs 2,740.40). Satyam Computer Services, which has announced the creation of a new legacy renewal and transformation consulting practice leveraging Pegasystems Inc's SmartBPM (TM) technology, also closed a tad weak at $36.06 ($36.09). The stock, on the other hand, finished better at Rs 659.45 (Rs 657.45). Tata Motors, which reported a total sale of 34,282 vehicles (including exports) for November, a growth of 9.1 per cent, also finished weak at $12.23 ($12.5).
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page More Stories on : Stock Markets | ADR Watch
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2005, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|