The global markets recovered in double quick time, despite firm oil prices and Japanese cities are still sorting through radiation in their tap water.

Thanks to better-than-expected performances from AT&T, Oracle and Accenture, the Dow Jones Industrial Average ran up 3.1 per cent and the S&P-500 gained 2.7 per cent.

The tech-focussed Nasdaq jumped 3.8 per cent.

Thanks to foreign institutional investors buying and heavy short covering, the domestic markets scored handsome gains.

The BSE Sensex zoomed 5.24 per cent and the NSE's S&P CNX Nifty 5.22 per cent.

Last week belonged to Internet major Rediff.com, whose ADR jumped 30.58 per cent to $7.09 over the previous week close of $5.43.

The other Internet major Sify also gained six per cent to close at $3.445 ($3.225).

The other biggest gainer was Tata Communications, whose ADR jumped 12.7 per cent at $10.56 ($9.37) on hopes that the long pending de-merger of surplus land assets from its core business of telecommunication services into a realty or land asset holding company would happen soon. The other tellecom major MTNL also scored handsome gains. The ADR flared up by 7.3 per cent at $2.06 ($1.92).

However, the company later clarified to the exchanges that it had not received any communication from the Centre on the surplus land issue in the recent past.

IT sizzle

The strong performance by US peers such as Oracle, AT&T and Accenture lifted the sentiment for the domestic IT majors.

The ADR of Infosys surged 7.3 per cent at $69.24 ($64.55), Wipro by 8.25 per cent at $14.17 ($13.09) and Patni Computer gained 4.21 per cent at $20.79 ($19.95).

Mahindra Satyam, however, after hitting an intra-week high of $3.11, closed flat at $3.06 ($3.05).

The company had received a notice from the Income-Tax Department for Rs 616.53 crore in taxes. The Income Tax department also froze the bank accounts of Mahindra Satyam after the software firm failed to pay the tax demand.

Banks shine

Banking majors ICICI Bank and HDFC Bank jumped 4.4 per cent and 6.7 per cent respectively at $162.32 ($155.41) and $47.74 ($44.74).

Tata Motors, which announced that it produced one lakh commercial vehicles in a financial year, moved up 7.8 per cent,

Thanks to firm LME prices, Sterlite Industries gained 5.86 per cent at $14.8 ($13.98).

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