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K.S. BADRI NARAYANAN

Infosys, Dr. Reddy's Lab the only losers

Thanks to a fall in oil prices, the US market climbed last week and the Dow Jones Industrial Average index surpassed its previous historic peak.

The DJ Industrial gained 1.5 per cent to close at 11,850.21, surpassing the previous peak of 11,722.98 reached on January 14, 2000.

The S&P 500 climbed one per cent to 1,349.58 and the Nasdaq, 1.8 per cent to 2,299.99.

However, the domestic bourses closed lower, snapping a 10-week rally, due to lack of any positive triggers and profit taking at higher levels.

The Sensex slid 0.7 per cent last week while the S&P CNX inched down marginally.

Among the ADRs, except for Infosys and Dr Reddy's, other counters finished in the green. The biggest gainer was VSNL, up 1.37 per cent over the week.

The other biggest gainers are Rediff.com (11.9 per cent), MTNL (seven per cent) and Tata Motors (6.64 per cent).

Tata Motors said that its sales in September rose 24 per cent as demand for its trucks, buses and cars rose.

HDFC Bank, which gained about four per cent, hit a new 52-week high at $63.6 intra-week. The other banking counter, ICICI Bank, also gained 2.4 per cent to $31.45 ($30.71).

While Infosys was down among IT stocks, counters such Satyam Computer, Patni Computer and Wipro finished firmly.

Satyam Computer Services announced that it bagged a Rs 135-crore order from Punjab & Sind Bank.

Infosys is scheduled to announce its second quarter numbers on October 11.

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