The flight of capital from emerging to developed countries boosted the US stocks. The Dow Jones Industrial Average gained 2.3 per cent and the S&P 500 jumped 2.7 per cent while tech-heavy Nasdaq moved up 3.1 per cent. The BSE Sensex and NSE Nifty tumbled 2.1 per cent each.

However, Indian ADRs closed on a steady note . MTNL was the biggest loser with the ADR tumbling 4.21 per cent at $2.05 against the previous week's close of $2.14.

IT majors also closed on a positive note. Weakening rupee seemed to have helped sentiment for these counters. Infosys gained 0.09 per cent at $67.68 ($67.62), Wipro moved up 2.1 per cent at $13.1 ($12.83) and Patni Computer rose 0.96 per cent at $19.95 ($19.76). Wipro's Executive Director and Chief Financial Officer, Mr Suresh C. Senapaty, offloading 85,000 shares for Rs. 3.6 crore also supported the market.

Last month, Mr Mohandas Pai, a member of the board and Director-HR, Infosys Technologies, sold 50,000 shares, which got him over Rs 16 crore.

Among banks, HDFC Bank closed a tad firm at $141.33 ($140.42) even as ICICI Bank slipped to $43.09 ($43.32).

Thanks to firm LME metal prices, Sterlite finished higher at $14.67 ($14.25).

Tata Motors, which has been on the downward slope for last few weeks, finished marginally higher at $24.98 ($24.71). Tata Motors reported 14 per cent higher sales in January 2011, over a year-ago period.

Internet majors Rediff.com and Sify closed with a gain of 3.6 per cent and 2 per cent.

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