The Hindu Business Line : MTNL, VSNL score handsome gains

After witnessing volatile trading during last week, the US benchmarks were able to finish in the green. Standard & Poor’s 500 Index added 0.4 per cent while the Dow Jones Industrial Average rose one per cent and the tech-focussed Nasdaq gained 0.4 per cent.

On the other hand, domestic bourses witnessed sharp resurgence. The BSE Sensex gained 4.12 per cent and the NSE’s S&P CNX Nifty surged 4.30 per cent. Indian ADRs also witnessed smart recovery. Leading the gainers pack were telecom majors MTNL and VSNL. Both the counters gained over 22 per cent. Apart from telecom ADRs, banking counters — HDFC Bank and ICICI Bank — and Sterlite Industries also witnessed sharp gains. HDFC Bank gained 5.47 per cent while ICICI Bank moved up 4.18 per cent. Sterlite Industries surged 8 per cent thanks to firm metal prices at the LME.

IT counters witnessed mixed trend. Wipro surged 4 per cent, Satyam Computer gained 1.4 per cent and Infosys Technologies rose by 0.33 per cent. However, Patni Computers slipped 3.8 per cent. The other loser was Dr. Reddy’s Lab. The pharma major slipped by 0.3 per cent at $15.33.

Internet counters Rediff.com and Sify finished in the green.

Due to the strong show by the underlying equities in the domestic markets, premium dipped for most of the ADRs. However, Wipro’s premium widened to 20.56 per cent (15.1) per cent while Satyam’s premium remained flat at 21.82 per cent (20.55 per cent).

More Stories on : Stock Markets | ADR Watch

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
FMPs have become powerful category in recent days

Sensex well poised but…

MTNL, VSNL score handsome gains

Croupier Prive set to buy 5% stake in CDSL

‘We are more global than what we like to think’

Today's Pick: Alstom Projects (Rs 1,021.35)

Day Trading Guide

Firm Sensex may see sideways movement