The Hindu Business Line : Patni Computer makes debut at NYSE

INTEL seemed to have spoiled the mood for the US bourses by announcing insipid sales forecast; the US markets tumbled even after a report showed the biggest two-month increase in consumer confidence in more than two years. The Dow average declined 0.9 per cent to 10,778.42, its biggest retreat since October 7. The Standard & Poor's 500 Index slid 0.5 per cent to 1259.37, the steepest retreat since the week ended October. 21 and the Nasdaq dropped 0.7 per cent to 2256.73

But the domestic markets sizzled to create a new history as both the BSE Sensex and the NSE's S&P CNX Nifty closed at all-time high levels. The former finished above the 9000-mark for the first time in history at 9067.28.

On the ADR front, Patni Computer Systems has made its debut on the US bourses. Its ADS listed on the NYSE under `PTI' symbol. The ADR closed at $23.84 against the issue price of $20.34. Each ADS represents two equity shares.

VSNL was the star performer as it jumped to $17.99 against the previous week close of $16.9. The company announced that its South African unit has got a licence to offer phone services. It may be recalled that VSNL had bought a 26-per cent stake in South Africa's Second National Operator in February.

It was a mixed scene for IT counters - Infosys finished firm at $75 ($73.95) while Wipro ended flat at $11.18 ($11.16) but Satyam tumbled to $34.24 ($36.06).

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