Financial Daily from THE HINDU group of publications
Monday, Mar 06, 2006
Financial Daily from THE HINDU group of publications Monday, Mar 06, 2006 |
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Markets
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Stock Markets Columns - ADR Watch Strong show K. S. Badri Narayanan
The US indices behaved differently with S&P 500 and the Dow Jones Industrial Average ending in negative territory even as the tech-focussed Nasdaq closed on a firm note. Fear that the US Federal Reserve may resort to interest rate hike to curb inflation pushed down the S&P 500 by 0.2 per cent and Dow Jones by 0.4 per cent. However, Nasdaq climbed 0.7 per cent. On the back of strong liquidity, both from foreign and local mutual funds, the BSE Sensex touched a new peak at 10706.22 before settling at 10595.43, a gain of 3.8 per cent, last week. A growth-oriented Budget and positive outcome of the US President, Mr George Bush's visit helped the market stay resilient. Toeing the Indian bourses' trend, most ADRs finished on firm note. The ADRs of ICICI Bank, Satyam Computer and Tata Motors registered their 52-week highs. ICICI Bank announced the opening of a branch in Moscow to offer trade, corporate and retail financial services; the ADR closed at $31.76 ($30.62) after touching a year high at $32.52. Satyam Computer, which also announced its overseas launch (at Guangzhou in China), touched a 52-week high at $43.38 before finishing at $42.35 ($40.44). However, Infosys gave away most of its intra-week gain following a downgrade to `neutral' from `overweight' by JPMorgan. It ended at $71.79 ($70.16). Tata Motors rose sharply after it announced a 22-per cent gain in February sales. The counter also benefited on hopes that demand for its cars may increase following a tax cut announced in Union Budget. After touching a high at $21, the ADR ended at $20.99 ($17.85). Dr. Reddy's, which announced the completion of its acquisition of 100 per cent of betapharm Group in Germany, ended a tad better at $29.33 ($29.20).
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