The Hindu Business Line : Mixed week for Indian counters

Markets worldwide witnessed turmoil amidst volatile condition last week but bounced back after the US announced that its GDP grew 5.3 per cent (lesser than anticipated), which reduced inflation worries and thus a rate hike.

The Indian market was the one that was hit worst by the volatility.

While the US markets closed the week in positive territory, domestic bourses end a tad weaker compared previous week close, but dipped sharply during intra-week.

For the ADRs it was a mixed week. Among the leaders were MTNL and VSNL, each gaining over six per cent, while Dr. Reddy's Lab and Infosys Technologies led the losers' list.

MTNL on Tuesday announced it would charge its landline customers a local tariff for a call between Delhi and Mumbai. MTNL, which launched its own STD operations between Delhi and Mumbai, has also announced a tie-up with VSNL for traffic carriage based on the lowest rates offered by VSNL.

These announcements seemed to have boosted these counters. However, reports that Reliance Communications-owned FLAG system has won a case againstVSNL in the International Court of Arbitration, which makes it eligible for upgrading capacity of international bandwidth, affected the latter as it fell from high of $19.07 to end the week at $18.91 against the previous week close of $17.78.

MTNL finished at $7.79 ($7.29), a gain of 6.85 per cent.

HDFC Bank and ICICI Bank behaved differently with former losing 3.8 per cent and latter gaining 0.84 per cent.

IT majors Infosys, Satyam and Wipro ended on weak note while Patni Computers finished in positive territory.

More Stories on : Stock Markets | ADR Watch

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

Stories in this Section
SEBI embargo worries Karvy

Clarification: Ban on Karvy

On the edge of hedges

Sharp dips pinch some funds more

Making a famine where abundance lies

Mixed week for Indian counters

Volatility is generally handled well by fund managers

Sensex may traverse in steady zone