The Hindu Business Line : Sterlite, MTNL hog limelight

For the third month in a row, US markets ended on positive note. Despite mixed economic and corporate news, the Dow Jones Industrial Average jumped 2.69 per cent for the week, while tech-focussed Nasdaq surged 4.85 per cent. The broader S&P 500 flared up by 3.61 per cent.

Unabated FIIs’ interest helped Indian markets end with handsome gains. The BSE Sensex leapt 5.31 per cent and the NSE’s S&P CNX Nifty soared 4.97 per cent.

This week’s star performers were Sterlite Industries and MTNL. The former jumped 20.27 per cent at $13.17 ($10.95) on the back of firm LME prices, the latter soared by 12 per cent at $4.3 ($3.8).

Bolstered by better-than-expected GDP number, banking majors HDFC Bank and ICICI Bank scored a gain of 8.3 per cent and 5.56 per cent respectively. In fact, the HDFC Bank ADR registered its 52-week high at $101.74 before settling at $99.5 ($91.81).

IT majors Infosys, Wipro and Patni Computer also scored impressive gains of 9.37 per cent, 7.66 per cent and 9.44 per cent respectively. However, the troubled IT firm, Satyam Computer, closed the week on weak note at $2.12 ($2.16).

The biggest loser was Tata Communications, whose ADR tumbled 24.76 per cent at $18.9 ($25.12) despite the company posting a higher net profit for Q4.

The other big losers were Rediff.com (15.18 per cent) and Sify (2.2 per cent).

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