The Hindu Business Line : Most counters end weak tracking US market

The US markets witnessed their biggest weekly fall in a month as the Federal Reserve’s 25 basis points cut in interest rate failed to cheer market participants. The S&P 500 fell 2.4 per cent and the Dow Jones Industrial Average lost 2.1 per cent, while the Nasdaq slumped 2.6 per cent.

On the other hand, Indian markets ended the week on a positive note though they witnessed volatile trading pattern. But both the BSE Sensex and the NSE’s Nifty ended above the psychological levels; the Sensex ended the week at 20,030.83, a gain of 0.32 per cent, while the S&P CNX Nifty closed at 6,047.70 – a rise of 1.23 per cent.

Among the Indian ADRs, only Dr Reddy’s Lab and MTNL finished in the green. While the former gained 5.35 per cent to end at $17.92 ($17.01), the latter moved up by close to one per cent at $9.34 ($9.25).

The biggest loser among them was Sify Ltd which ended the week at $5.61 ($6.15), a loss of 8.78 per cent. The other Internet counter Rediff.com was also down by 4.64 per cent at $11.92 ($12.5).

Information technology counters – Infosys Technologies, Satyam Computer, Wipro and Patni Computers, closed with a loss of 4.5-6 per cent. Satyam was the biggest loser among them by 5.65 per cent followed by Patni (5.6 per cent).

Among the banking ADRs, HDFC Bank declined by 5.16 per cent at $131.58 ($138.74), while ICICI Bank dipped 3.09 per cent at $61.81 ($63.78).

Though MTNL closed in the green, the other telecom major VSNL, which changed its name to Tata Communications, finished weak by 1.3 per cent at $32.62 ($33.05).

Tata Motors and Sterlite Industries closed the week down by 4.89 per cent and 5.14 per cent at $18.49 ($19.44) and $26.37 ($27.8) respectively.

There were not much deviations on the premium/discount front. Satyam Computer’s premium with respect to the BSE close widened marginally at 26.95 per cent (24.85 per cent), while Wipro saw its premium dip to 15.21 per cent (18.87 per cent).

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