Business Daily from THE HINDU group of publications
Monday, Dec 01, 2008
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Monday, Dec 01, 2008 ePaper | Mobile/PDA Version | Audio | Blogs |
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Markets
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Commentary Columns - ADR Watch US stocks staged the biggest weekly rally (in more than 30 years, according to Bloomberg) after the Government agreed to protect Citigroup Inc from more losses and automakers weighed cutting costs to win Federal aid. The S&P 500 rose 12 per cent to 896.24, the steepest weekly gain since 1974. The Dow Jones Industrial Average increased 782.62 points, or 9.7 per cent, to 8,829.04. The tech-heavy Nasdaq gained 11 per cent. The domestic market also ended the terror-struck week on a positive note. The BSE Sensex closed the week with a gain of two per cent and the NSE’s S&P CNX Nifty by 2.29 per cent. Indian ADRs also posted sharp gains in the US bourses. Biggest gainer among them was Tata Motors. Its ADR jumped 19.1 per cent at $4.55 against the previous week close of $3.82. The other biggest gainers were HDFC Bank and Wipro, which jumped 18.45 per cent and 16.6 per cent respectively. Banking counters ended with sharp gains following the Citigroup bailout package. ICICI Bank ADR gained 8.78 per cent at $14.24 ($13.09). Infosys’s ADR moved up by 9.5 per cent at $25.15 ($22.96), Satyam Computer flared up 7.88 per cent at $12.73 ($11.8) and Patni Computer jumped 12 per cent at $5.85 ($5.22). The IT counters seemed to have gained on the back of weak rupee, which closed the week at 50.2 against the US dollar. Sterlite Industries ADR also saw a sharp jump of 11.79 per cent at $4.93 ($4.41) following mild revival in the metal prices in the LME. The ADRs of Dr. Reddy’s Lab and Tata Communications also ended on positive note by 6.6 per cent and 9.22 per cent respectively. More Stories on : Commentary | ADR Watch
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