• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

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

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

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

K.S. Badri Narayanan

Infosys hits new high; Dr Reddy's Laboratories biggest gainer

Hopes of no further raise in US Fed rate coupled with sharp fall in crude oil prices helped the US bourses to post handsome gains last week.

As a result, the S&P-500 Index gained 1.6 per cent, while the Dow Industrial Average surged 1.5 per cent and the tech-focused Nasdaq Composite by 3.2 per cent.

It was a relentless bull run for the domestic bourses; for the Sensex it was the longest winning streak for the current year - eightth week in a row - on the back of heavy fund buying.

In the process, the Sensex was able to regain the 12K status, which it lost during the mid-May crash, closing at 12,009.59, a gain of 0.76 per cent during the week. However, the gain was nominal 0.2 per cent for the NSE's S&P CNX Nifty.

With both the markets flying high, the Indian counters also fared very well at the US bourses. The gain was sharp for the ADRs compared to their underlying equities at the BSE.

For instance, the Dr Reddy's Lab ADR surged 6.43 per cent (and the biggest gainer among the ADRs) whereas the stock at the BSE posted a gain of 1.11 per cent.

However, only the ICICI Bank and Satyam Computer ADRs under-performed against their underlying stocks.

While the ICICI Bank ADR gained 5.7 per cent, the stock surged 7.20 per cent; Saytam's ADR gained 1.02 per cent against the stock's gain of 3.93 per cent.

Despite strong show by the general markets, counters such as MTNL, VSNL and Tata Motors finished on weak note last week. All the ADRs lost in the region of 2.15-2.9 per cent.

Infosys hit its 52-week high at $47.46 intra-week; the ADR closed at $46.91 ($44.49), a gain of 5.4 per cent over the previous week.

Wipro, on the other hand, finished a tad weaker at $12.54 ($12.58).

Among Internet counters, Sify finished sharply lower at $8.92 ($9.09), while Rediff.com finished flat at $15.2.

More Stories on : Stock Markets | ADR Watch

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

Stories in this Section
IDBI Capital to invest in private equity of companies

Copyright © 2006, 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