Business Daily from THE HINDU group of publications
Monday, Sep 24, 2007
ePaper
Business Daily from THE HINDU group of publications Monday, Sep 24, 2007 ePaper |
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Markets
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Commentary Columns - ADR Watch
Stock markets across the globe surged last week in reaction to US Fed chief Mr Ben Bernanke’s announcements. The S&P 500 and the Dow Jones Industrial Average surged 2.8 per cent while the Nasdaq gained 2.7 per cent. The BSE Sensex and the Nifty hit historic peaks. The Sensex spurted to a lifetime peak of 16,616.84 before ending the week at 16,564.23, a gain of 6.16 per cent. The NSE’s Nifty hit a new peak at 4,855.70 before ending the week at 4,837.55, a rise of 7.07 per cent. Except for Infosys and Dr Reddy’s, all ADRs ended the week with sharp gains. While the biggest gainer was ICICI Bank (by almost 12 per cent), HDFC Bank recorded lifetime peak of $100.99 and closed the week with a gain of 10.8 per cent. Benign inflation seemed to have triggered rise in banking counters. Among the IT counters, Patni was the biggest gainer (9.96 per cent), followed by Wipro (8.45 per cent); Satyam moved up by 3.38 per cent. MTNL was the other counter, apart from banking counters, to score over 10 per cent last week. The ADR gained 10.56 per cent to end at $7.85 ($7.1) on the back of its land banks; expectation of the company plans to develop IT parks seemed to have perked up activity in the counter. More Stories on : Commentary | ADR Watch
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