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While the US market ended positively, the domestic bourses closed last week on negative note, mainly on foreign institutional investors’ selling.

It was mixed week for the Indian ADRs. The biggest gainer among the Indian ADRs was Dr. Reddy’s Lab. The ADR jumped 5.36 per cent to end at $16.68 against the previous week close of $15.83. Ranbaxy deal seemed to have had a positive rub-off effect on the counter. It may be recalled that Ranbaxy promoters’ (Mr Malvinder Singh and Shivinder Singh) stake have been picked up by Japanese major Daiichi Sankyo for Rs 737 a share.

Among the IT counters, while Satyam Computer finished 1.2 per cent higher, Wipro and Infosys closed with a loss of 1.38 per cent and 0.3 per cent respectively. Patni Computers, however, crashed by 8.8 per cent to end at $11.666 ($12.8).

Despite hike in repo rate (short-term loan rate) by quarter basis point by the RBI, banking counters also finished on mixed note with HDFC Bank tumbling 2.2 per cent at $84.64 ($86.58), while ICICI Bank closed the week with a gain of 3.8 per cent at $36.65 ($35.45).

Telecom counters MTNL and Tata Telecommunications (erstwhile VSNL) plummeted by 4.47 per cent and 9.9 per cent respectively.

The Government move of hiking excise duty on vehicles with higher engine capacities seems to have no impact the price movement of Tata Motors ADR. The Tata Motors ADR finished 0.56 per cent at $12.43 ($12.5). The Government last week increased the central excise duty by Rs 15,000 for large cars, multi-utility vehicles and sports utility vehicles with engine capacity ranging from 1,500 cc to 1,999 cc. A specific excise duty of Rs 20,000 was also levied for vehicles with engine capacities of 2,000 cc and above.

Internet counters were the worst affected during the week. While Sify crashed by 10.7 per cent to end at $4.15 ($4.65), Rediff.com dwindled by 5.8 per cent to $6.9 ($7.34).

Due to the weakening of Indian rupee, premium of Indian ADRs improved for most counters. Satyam ADRs’ premium improved to 21.69 per cent (13.63 per cent) and Wipro’s to 21.37 per cent (16.62 per cent).

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