The Hindu Business Line : IT majors decline; ICICI Bank hits new peak

The domestic and the US markets witnessed divergent trend last week. While the former maintained the winning momentum, US stocks snapped a five-week rally on worries that the economy may slow down.

The Dow Jones Industrial Average dropped below the 12,000 levels it had crossed for the first time ever last month. For the week, the Dow dropped 0.9 per cent, S&P 500 one per cent and Nasdaq 0.8 per cent.

On the other hand, thanks to robust financial performance by India Inc, the BSE Sensex and the NSE's S&P CNX Nifty hit their all-time peaks. The BSE Sensex gained 1.74 per cent to 13,130.79 and the Nifty 1.77 per cent to 3,805.35.

Despite a strong show by the Indian bourses, ma ajority of the Indian ADRs finished in the red.

The biggest loser was Patni Computer, which lost 8.7 per cent despite the company announcing a sharp rise in net profit for the quarter ended September. Net profit rose to Rs 71.1 crore from Rs 52.8 crore in the same period last year.

MTNL slumped by 6.7 per cent and Tata Motors by 5.6 per cent.

ADRs of IT majors Infosys, Satyam and Wipro also closed the week in the red.

However, HDFC Bank and ICICI Bank finished on a firm note, with the former gaining 2.3 per cent and the latter 1.7 per cent. ICICI Bank also hit a new peak at $35.58 intra-week. Dr Reddy's, which announced robust second quarter results, also gained 1.93 per cent.

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