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K.S. BADRI NARAYANAN

MTNL, Tata Motors biggest gainers; Sify, HDFC Bank, Patni Computers major losers

The first week of 2007 displayed a divergent trend in the domestic and the US bourses with the former gaining while the latter ended in negative territory. Led by Motorola, which announced a profit warning, and commodity shares, the US markets tumbled. The S&P 500 lost 0.6 per cent to 1409.71 and the Dow Average 0.5 per cent to 12398.01. The Nasdaq Composite Index, however, rose 0.8 per cent to 2434.25, thanks to good show by Intel Corp.

The bull party continued for the domestic bourses and the BSE Sensex breached the 14,000-mark once again on the back of strong FII buying. For the week, the BSE Sensex gained 0.53 per cent and the NSE's Nifty advanced by 0.43 per cent.

It was a mixed trend for the Indian ADRs and all of them under-performed their underlying stocks.

The biggest loser was Sify followed by HDFC Bank, Rediff.com and Patni Computer while MTNL was the biggest gainer by 2.8 per cent followed by Tata Motors (2.1 per cent).

Infosys, which is scheduled to announce its third quarter result on January 11, gained 1.06 per cent at $55.14 against year-end close of $54.56. However, the stock on the BSE gained 1.5 per cent at Rs 2274.8 (Rs 2240.85).

The other IT majors — Wipro and Satyam — finished in the negative territory. Patni Computer slipped to $19.8085 ($20.38) following an Income-Tax Department notice asking the company to pay a tax of Rs 63 crore.

HDFC Bank, which is also to announce its third quarter financial performance on January 11, closed weak at $73.21 ($75.48). On the other hand, ICICI Bank finished 0.38 per cent higher at $41.9 ($41.74).

A better show on the Bombay Stock Exchange by these companies helped them narrow down their ADRs premium. Currently, Wipro commands the highest premium of 17.35 per cent (18.24 per cent last week).

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