• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• BL Club
• Smartbuy

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

US stocks ended the week on positive note but also witnessed some nervous and volatile moments during the week gone by. The Dow Jones Industrial Average jumped 4.7 per cent while the tech-focussed Nasdaq added 3.74 per cent and the broader S&P-500 gained 4.6 per cent.

However, the domestic markets were not that fortunate. In fact, the BSE Sensex dipped below the psychological 10,000 mark for the first time in more than two years to end at 9,975.35, a drop of 5.73 per cent. The NSE’s S&P CNX Nifty tumbled 6.27 per cent on global recession fears.

Though domestic markets witnessed sharp fall, the Indian ADRs listed at the US bourses witnessed sharp bounce back.

Wipro was the biggest gainer as the ADR jumped 25 per cent to end at $8.3 over the previous week close of $6.63. Satyam Computer jumped 16 per cent to end at $14.39 ($12.4).

Tech counters witnessed sharp rally as Satyam Computer came out with number beating street expectations. Satyam Computer reported a 42 per cent jump in its net profit on Friday for the quarter ended September 30, while cutting its full-year revenue guidance in dollar terms by 5 per cent to 19-21 per cent due to currency movements.

The tech major, Infosys ADR gained eight per cent to end at $25.96 ($23.91). However, Patni Computer ended the week on negative note at $5.9 ($6.2), a fall of 4.8 per cent.

As the global sentiment turned somewhat positive for financial and financial services stocks, banking majors ended the week on strong note.

ICICI Bank, which was at the receiving end from investors, ended at $16.11 ($13.83), a gain of 16.5 per cent over the previous week’s close. The other bank major, HDFC Bank, soared 5.6 per cent to end at $65.49 ($62). The latter announced impressive second quarter numbers. Lifted by higher income from fees and commissions that offset a steep rise in expenses and moderating consumer loan growth, HDFC Bank Ltd posted an increase of 43.3 per cent in net profit.

The ADR Dr. Reddy’s Lab gained 3.3 per cent to end at $8.78 ($8.5).

Sterlite Industries was the big loser, as the ADR slumped by 7.5 per cent. MTNL was another loser whose ADR lost 5.4 per cent.

Among the Internet counters, Sify ended with a sharp gai of 6.1 per cent, while Rediff.com finished on flat note.

More Stories on : Stock Markets | ADR Watch

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

Copyright © 2008, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line