The Hindu Business Line : Another promising week for Indian counters

US equities rallied strongly on the back of General Electric's robust earnings' forecast. The S&P-500 index hit a new four-and-half-year high and the Nasdaq a new four-year high.

According to Bloomberg, the S&P 500 was up 1.1 per cent last week - its best weekly winning streak since July. The DJ Industrial Average added 0.8 per cent, its fourth weekly gain. The Nasdaq rallied 1.1 per cent.

If this was the sentiment at the US bourses, the domestic equities fared even better. Buoyed by heavy buying, mainly by domestic mutual funds, the BSE Sensex gained 2.55 per cent over the previous week's close and the NSE's S&P CNX Nifty jumped 2.80 per cent.

Riding the bullish sentiment, most of the Indian ADRs scored handsome gains. Leading the gainers' list was VSNL, which surged 6.4 per cent at $14.94 against the previous week close of $14.04.

The lone loser was Satyam Computer on the back of profit taking; it declined by 0.38 per cent at $36.06 ($36.2) after registering its new year high at $36.55 during intra-week. The counter was on a run ever since it announced that it had sold its entire stake of 32 per cent in Sify for $62.6 million to the US-based Infinity Capital Venture. Sify also jumped by 4.3 per cent to $7.2 ($6.9).

Rediff.com, which fixed the price of ADRs offering at $15.86 an ADS, gained sharply by 6.6 per cent to 17.88 ($16.77).

Tata Motors Ltd climbed six per cent on the back of reports that it aims to double sales in the next five years by expanding business in South Africa and Turkey. The ADR closed at $12.09 ($11.4).

Wipro also surged 4.70 per cent to $11.36 ($10.85) on reports that MicroStrategy(R) Incorporated has entered into a global reseller agreement with it.

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