The Hindu Business Line : HDFC Bank maintains rally

The Fed-driven optimism continued not only for the US markets but global market as well. The S&P 500 rose 0.1 per cent this week while the Dow Jones Industrial Average gained 0.6 per cent and the tech-focussed Nasdaq jumped 1.1 per cent.

With foreign institutional investors continuing their investments, the Indian stocks scaled new peaks that too in double-quick time. While the BSE Sensex crossed the 17K-mark quite comfortably, the NSE’s S&P CNX Nifty moved past the 5000-mark with an ease.

The conducive bull market helped the Indian ADRs to post handsome gains. None of counters, in fact, closed in red. HDFC Bank, which breached the $100-mark, maintained its rally and closed higher at $107.13 against the previous week close of $100.99. HDFC Bank was the biggest gainer (by 6.07 per cent) among whose underlying equities listed in Indian bourses.

The ICICI Bank ADR also witnessed sharp jump as it gained 5.4 per cent to end at $52.72 ($50).

However, internet counters — Rediff.com and Sify — were the biggest gainers by 12.6 per cent and 9.25 per cent, respectively. IT counters, which were at the receiving end for quite some time, also scored handsome gains.

Premium dipped for most of the ADRs, as the underlying stocks on the BSE gained more than the ADRs. Wipro ADR still leads the premium list with 26 per cent followed by Satyam Computer, whose ADR commands a premium of 16.08 per cent.

ADRs of HDFC Bank and ICICI Bank, however, dipped into discount against last week’s marginal premium.

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