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All the three major indices – the Dow Jones Industrial Average, Nasdaq and S&P 500 – finished last week on a negative note due to financial crises as well as rising crude prices. With uncertainties all around – at global and domestic levels – the domestic market extended the losses, taking the benchmarks to a 15-month low. The BSE Sensex fell 2.52 per cent while the NSE’s S&P CNX Nifty declined by 2.92 per cent last week.

Indian ADRs also suffered under the selling pressure. In fact, as many as seven out of 13 listed ADRs in the US bourses hit their year lows last week. Prominent among them were banking counters HDFC Bank and ICICI Bank, which registered their fresh year lows at $66.05 and $25.66 respectively. They end at $71.26 and $27.13 respectively against the previous week close of $71.56 and $29.66.

Sify was the biggest loser as its ADR plummeted by 16.6 per cent.

The rising crude price affected the sentiment of auto major Tata Motors, which crashed by 10.73 per cent.

With metal stocks turning out of favour for market participants, Sterlite Industries ADR was the next big loser, crashing by 8.9 per cent.

None of the tech majors were able to finish in the green despite the depreciation of Indian rupee against the US dollar. The rupee breached the 43-mark against the greenback and currently hovers around 43.15. The depreciation of rupee bodes well for IT companies, whose revenues mainly depend on the US. Infosys ADR declined by one per cent, Satyam by 1.56 per cent, Wipro by 3 per cent and Patni Computers by 4.5 per cent.

Bucking the whole trend were MTNL and Rediff.com. Though the latter hit its 52-week low, it bounced back to end the week in positive at $6.61 ($6.4), a gain of 3.2 per cent.

MTNL closed the week with a gain of 1.8 per cent at $4.35 ($4.27).

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