The Hindu Business Line : ICICI Bank, HDFC Bank hit new lows

While, concern over more write-downs from financial major and record oil prices affected the US stock markets, the domestic equities faced added worries in the form of political uncertainty over Indo-US nuclear deal. As a result, the Indian benchmarks, suffered more than the US indices.

Amidst this ruining, none of the Indian ADRs managed to finish in the green. In fact, ICICI Bank and HDFC Bank registered their fresh 52-week lows. The Reserve Bank of India’s decision to hike interest rate and cash reserve ratio by 50 basis points spoiled the mood for the banking counters. Among them ICICI Bank was the worst affected, with its ADR falling by 11 per cent and HDFC Bank by 10.3 per cent.

However, the week’s biggest loser was Tata Motors. The rising crude prices affected Tata Motors, which ended the week at $9.97 against the previous week’s close of $11.46, a fall of 13 per cent.

Sterlite Industries was the other biggest loser, whose ADR slumped by 9 per cent at $16.14 ($17.74).

Relatively, IT counters — Infosys Technologies, Satyam Computer, Wipro and Patni Computers — finished the week with a minor fall. Infy was down by 2.9 per cent, while Satyam and Wipro slipped by 0.8 per cent and 3.7 per cent respectively. Patni, however, tumbled by 6.8 per cent.

Telecommunication counters MTNL and Tata Communications also witnessed a sharp fall of 8.1 per cent and 4.9 per cent respectively.

Dr Reddy’s Lab’s fared relatively better as its ADR slipped by 1.5 per cent.

Internet counters continued their slide; while Sify tumbled 4.7 per cent, Rediff.com dwindled 6.5 per cent.

On the premium/discount front, information technology counters saw their premium widening on the back of a weakening rupee.

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