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US stocks ended on flat note despite firm crude prices. The S&P-500 slipped 0.3 per cent while the Dow Jones edged up 0.1 per cent. The tech-focussed Nasdaq fell 0.3 per cent. Continuous buying by foreign institutional investors helped Indian markets stay firm. The BSE Sensex gained 0.16 per cent while the NSE's S&P CNX Nifty moved up 0.27 per cent.
The Indian counters listed in the US bourses moved in a narrow range. However, Mahindra Satyam and Sify won handsome gains.
Mahindra Satyam, erstwhile Satyam Computer, jumped 14.19 per cent to close at $3.46 against the previous week close of $3.03. The Government, which is in a legal battle with the company over the tax demand, last week said in the Supreme Court that it will set aside its order of a tax demand of Rs 617 crore on Satyam Computer Services. The IT-Department had raised the tax demand on the basis of Rs 345-crore worth of foreign tax credit availed itself of by the former management during 2003-09. But Satyam's current management claims this amount is fictitious and was the result of the inflation of revenues by its founder Mr Ramalinga Raju. Besides, reports of insurance regulator IRDA's shortlisting four IT firms, including Infosys Technologies and Mahindra Satyam for implementing a project, appears to have helped.
Sify jumped 15.561 per cent to $4.22 ($3.65). The other Internet major Rediff.com flared up 3 per cent at $7.72 ($7.49).
However, Infosys Technologies, which is scheduled to announce its financial performance on April 15, closed IN negative at $72.05 ($73.11), a fall of 1.45 per cent. Wipro, on the other hand, jumped one per cent to close at 15.08 ($14.93) and Patni Computer gained 0.66 per cent at $21.34 ($21.2).
Fear of rate hike coupled with profit-taking seemed to have affected banking majors HDFC Bank and ICICI Bank. While the former slipped 0.14 per cent at $172.15 ($172.39), the latter tumbled 1.55 per cent at $49.3 ($50.08).
Dr. Reddy's Lab ended flat at $37.74 ($37.73). Thanks to firm global commodity prices, Sterlite Industries managed to end on positive note. The ADR moved up by one per cent at $15.7 ($15.53).
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