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Despite firm oil prices, the US stocks ended the week on positive note. The S&P 500 moved up 0.1 per cent and the Dow Jones Industrial Average gained 0.3 per cent, while the tech-focussed Nasdaq firmed up by 0.13 per cent.
The please-all Budget helped the Indian markets score handsome gains. The BSE Sensex and the NSE Nifty surged 4.44 per cent.The Indian ADRs also benefitted from the all-around buoyancy. HDFC Bank was the biggest gainer; the ADR jumped 8.8 per cent to close at $158.73 against the previous week close of $33.69. Hopes of financial sector reforms appeared to have sparked interest in the banking major.
ICICI Bank surged 3.35 per cent at $45.35 ($43.88). The other biggest gainer was Tata Motors, whose ADR flared up six per cent at $25.83 ($24.36). As the expectation of increase in excise duty was belied in the Budget, the auto stocks, led by Tata Motors witnessed frenzied buying. Dr. Reddy’s Lab gained 4.3 per cent at $35.14 ($33.69). It aims to earn $1 billion revenue a year from branded generics for the next three years, said Mr K. Anji Reddy, its Founder—Chairman. Infosys Technologies, Wipro and Patni Computer closed the week with gains of 0.49 per cent, 1.28 per cent and 0.76 per cent respectively, even as the Budget failed to meet IT sector expectations, especially on the demand to continue tax incentives to small and medium enterprises under the Software Technology Parks of India scheme.
Mahindra Satyam jumped 4.66 per cent to close at $2.86 ($2.7325).
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