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US stocks ended on a flat note after they swung between gains and losses. Despite the failure of the auto bailout plan, the Dow ended with modest losses, while the Nasdaq and S&P 500 closed with slim gains.

The Indian markets, on the other hand, jumped quite sharply thanks to foreign institutional investors’ buying. Braving the weak IIP data, the BSE Sensex went up 8 per cent and the NSE’s S&P CNX Nifty gained 7.6 per cent.

Most of the ADRs ended on a firm note. The star performers among them were Tata Communications, Sterlite Industries and MTNL.

Last week, the Prime Minister, Dr Manmohan Singh, inaugurated the 3G services and MTNL launched the service in Delhi circle soon.

3G mobile services would enable subscribers to enjoy video telephony, high-speed Internet for smart-phones and laptop from 256 Kbps to 2 Mbps and lots of data-related VAS services such as mobile TV, location surveillance, streaming video on demand and gaming.

The MTNL ADR jumped 18.6 per cent while Tata Communications skyrocketed 33.7 per cent.

Sterlite Industries ADR flared up by 33.19 per cent to end at $6.22 against the previous week close of $4.67. This was despite a slump in LME prices after a proposal to rescue embattled US automakers hit a roadblock with US lawmakers.

Banking majors HDFC Bank and ICICI Bank also gained 15.7 and 15.6 per cent respectively following the Government’s fiscal stimulus package and the RBI’s move to cut interest rates.

IT majors, however, ended relatively on a flat note amid the bleak US scenario. Though Infosys Technologies, Patni Computer and Satyam Computer ended with modest gains, Wipro scored handsome gains of 14.7 per cent.

Among the losers were Dr. Reddy’s Lab, whose ADR declined by 0.73 per cent, and Rediff.com, which plummeted by 12.45 per cent. Sify, however, finished with a gain of 10.15 per cent.

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