K.S. Badri Narayanan

IT was a mixed for the US markets as benchmarks Dow Jones Industrial Average and S&P-500 recorded their third straight weekly gains while the tech-focussed Nasdaq slipped on disappointing forecasts from Dell Inc and Cisco Systems.

For the week, the Dow increased 0.8 per cent to 10,796.01 and the S&P 500 rose 0.2 per cent to 1205.30; the Nasdaq Composite, however, dropped 0.5 per cent to 2076.66.

The Indian bourses - the BSE and the NSE - remained lacklustre ahead of the General Budget announcement this month end. Last week, both the BSE Sensex and the NSE's S&P CNX Nifty recorded marginal gains over the previous week.

Infosys stole the limelight among the ADRs by registering impressive gains of 7.5 per cent and in the process peaking to a new 52-week level of $75.33. It closed the week at $74 against the previous week close of $68.85. Not only the price of the ADR but also its premium to jumped with respect to its underlying equity to 54.19 per cent (43.86 per cent). Wipro and Satyam Computer also finished on positive note.

The US Labour Department data that jobless claims dropped unexpectedly to 303,000, the lowest level since October 28, 2000, seemed to have invigorated buying interest in the Indian IT counters as the country accounts for more than 60 per cent of Indian software companies' sales.

Reports that the Government may cut excise duties on drugmakers and automobile companies appeared to have lifted Dr. Reddy's Lab and Tata Motors, albeit marginally.

Dr. Reddy's also announced that it has initiated Phase I clinical trials for its cardiovascular drug candidate RUS 3108.

ICICI Bank was another counter to register its new year high at $21.39 but settled the week at $21.37 ($20.85).

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