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K.S. Badri Narayanan

Betting on merger and acquisitions as well as on corporate earnings, the US markets posted back-to-back weekly gains; the Dow Jones Industrial Average advanced 0.41 per cent, S&P 500 0.62 per cent and the tech-heavy Nasdaq added 0.83 per cent.

Thanks to the expected performance from Infosys Technologies and the fall in inflation rate, the domestic benchmarks surged sharply.

The BSE Sensex gained 4.11 per cent and the NSE's S&P CNX Nifty 4.41 per cent.

With both the markets surging, Indian ADRs performed robustly.

MTNL and Infosys led the pack with gains of 6.14 per cent and 6.03 per cent respectively.

Infosys posted net profit of Rs 1,124 crore for the quarter ended March 31 compared to Rs 664 crore for the corresponding previous quarter, and total income of Rs 3,675 crore (Rs 2,563 crore).

Further, in its outlook, the company said that for the quarter ending June 2007, it is expecting income in the range of Rs 3,896-3,913 crore - a year-on-year growth of 29.2-29.8 per cent.

For the fiscal ending March 2008, it expects income to grow 22.6-24.6 per cent.

Other IT counters also surged on the back of Infosys' performance. While Satyam Computer climbed 5.35 per cent, Patni Computers rose by 5.63 per cent and Wipro by 3.9 per cent.

HDFC Bank and ICICI Bank were other counters that finished on a firm note by gaining 4.28 per cent and 5.61 per cent.

However, Dr Reddy's Lab was the lone loser, declining by 0.47 per cent on the back of some profit booking.

On the premium front, there were no perceptible changes compared to last week.

The Wipro ADR commands the highest premium of 24.18 per cent.

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