New York (PTI): Indian stocks trading on American bourses saw their total market capitalisation rise by over USD 244 million, even as five companies witnessed value erosion this week.

The 16 entities listed on the New York Stock Exchange and the Nasdaq witnessed their cumulative market valuation climb USD 244 million for the week ended July 4, led by Sterlite Industries which alone gained USD 489 million.

Besides, IT major Wipro also saw its valuation jump by USD 425 million and HDFC Bank gaining USD 278 million.

The total gain during the week was offset by the loss suffered by five firms-- Infosys Technologies, Tata Motors, Genpact, Sify and Patni Computers-- totalling USD 1.3 billion.

Among the entities trading as American Depository Receipts (ADRs), Infosys Technologies ended the week as the biggest loser, shedding as much as USD 739 million in its market capitalisation.

The second major loser was Tata Motors, whose market capitalisation dropped by USD 517 million, followed by Genpact (USD 107 million).

Other losers include internet firm Sify Technologies whose valuation fell by 13 million and Patni Computer (USD nine million).

Among other gainers, private sector lender ICICI Bank's valuation rose by USD 156 million, pharma major Dr Reddy's Laboratories and telecom firm Mahanagar Telephone Nigam Ltd saw their market capitalisations increase by USD 96 million and USD 79 million respectively.

Telecom company Tata Communications, BPO companies -- WNS Holdings, EXLService, internet firm Rediff.com, IT firm Satyam Computer Services -- witnessed an increase their valuations in the range of USD 6 million to USD 43 million.

The US markets closed in the red last week with the US unemployment rate touching a 26-year high of 9.5 per cent in June, dashing hopes of an early economic recovery.

The Dow Jones Industrial Average dipping 2.63 per cent to 8,280.74 points and S&P 500 dropped 2.91 per cent at 896.42 points. Also, tech heavy Nasdaq skid 2.67 per cent at 1,796.52 points at the end of trade last week.