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K.S. Badri Narayanan

THE rising global oil prices sent the US stocks into a tailspin on concern that it will cripple economic growth and corporate profits.

According to Bloomberg, the US benchmarks posted a biggest weekly decline in more than two months; the Standard & Poor's 500 Index slumped 2.1 per cent to 1191.57, the Dow Jones Industrial Average dwindled 3.1 per cent to 10,297.84 and the Nasdaq Composite Index lost 1.8 per cent to 2053.27. All three benchmarks had their biggest weekly drop since April 15, according to Bloomberg.

The scene was quite opposite at the domestic markets, as the equities displayed a strong show with both the BSE and the NSE benchmarks are ruling at all-time high levels on the back of strong FII flows, particularly from Japan region. The BSE Sensex jumped to a new historic high of 7178.04 before settling the week at 7148.62, a gain of 3.51 per cent over the previous week's close. The NSE' S&P CNX Nifty sizzled 3.34 per cent to 2194.35.

But despite the strong show by the Indian market, Indian ADRs preferred to follow the US market trend. But for a minor gains recorded by Dr. Reddy's Laboratory and Tata Motors, rest of the counters ended on a weak note.

Among all, tech counters recorded the steepest fall, particularly Infosys and Wipro; the former dropped about 3.5 per cent to $72.95 ($75.56) while the latter fell 5.39 per cent to $20.75 ($21.91).

However, Satyam Computer finished a tad weak at $25.65 against the previous week close of $25.97 after it announced that it was selected as the Integrated Enterprise Solution implementation partner by Bausch and Lomb Eyecare (India) Pvt Ltd.

MTNL closed lower at $6.48 ($6.70) after it announced a drop in net profit for the year ended at Rs 938.97 crore (Rs 1,150.48 crore).

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