The Hindu Business Line : Banking counters, Sify hog limelight

US and the domestic markets witnessed divergent trend last week. While the former tumbled on the back of firm oil prices and lower-than-estimated earnings at Dell Inc, the latter recovered due to softening of inflation numbers.

It was a mixed show by Indian ADRs.

Thanks to moderation on inflation numbers, banking counters ICICI Bank and HDFC Bank scored handsome gains. While the former jumped 4.19 per cent, the latter surged 5.81 per cent.

Sify was the other major gainer during the week. Its ADR jumped 5.37 per cent to end at $2.94 against the previous week close of $2.79. The ADR jumped about 24 per cent on deal to hit an intra-week high of $3.29 following its deal with Google.

The company had entered into a partnership with Google to power Sify’s consumer applications such as mail and chat with Google Apps.

Another Internet counter, Rediff.com, also finished on firm note at $6.15 ($6.03).

Mixed note

Infotech counters ended the week on a mixed note. While Patni Computers and Satyam Computer finished the week on positive note, Infosys Technologies and Wipro ended a tad weak. While the depreciation in rupee aided the sentiment in favour of IT counters, below-than-expected result announced by Dell Inc spoiled the mood.

The biggest loser for the week was Tata Communications, whose ADR tumbled by 4 per cent at $18.61 ($19.39). Telecom major MTNL also ended on a weak note at $4.66 ($4.81), a fall of 3.1 per cent.

Notwithstanding trouble in Singur for the Nano car project, Tata Motors ended the week with a gain of 1.6 per cent.

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