Strong earnings by US corporates boosted the benchmarks last week. The S&P-500 jumped per cent and the Dow 2.4 advanced per cent while the tech-focussed Nasdaq surged 1.9 per cent.

However, domestic markets tumbled last week, as FII pulled out. The BSE Sensex edged down 2.4 per cent and the NSE's S&P CNX Nifty by 2.3 per cent.

Among the ADRs, Rediff.com and Sify stole the limelight with strong gains. Rediff.com jumped 46 per cent while Sify gained 28 per cent. Rediff.com last week introduced group deals service providing consumers with city-wise deals across 70 service categories in 40 cities in India. According to the company, the service will offer around 30 to 60 per cent discounts on all deals.

Infotech counters closed on mixed note. Infosys, which announced a change of management, gained 0.2 per cent at $65.18 against the previous week close of $65.04.

The ADR of Wipro crashed 5.77 per cent after a tepid outlook despite declaring better financial performance for the March quarter. The company's March quarter net profit surged 14 per cent to Rs 1,381.3 crore but it cautioned against surging wages and currency volatilityand uncertainty about a pickup in demand for services. Patni Computer tumbled 5 per cent at $19.15 ($20.18). iGate's open offer for buying 20 per cent stake in Patni Computer was closed last week. However, media reports said the issue was fully subscribed.

Satyam Computer surged 5.8 per cent at $3.46($3.27).

ICICI Bank and HDFC Bank closed on mixed note. ICICI Bank, which announced a stellar Q4 performance, gained 0.96 per cent, while HDFC Bank slipped 1.6 per cent.

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