Date:26/12/2005 URL: http://www.thehindubusinessline.com/2005/12/26/stories/2005122602240400.htm

Back Wipro, Sify shine

K.S. Badri Narayanan

AMIDST concern over the US economy on the back of data showing sharp decline in purchases of new homes, the US markets ended almost flat; while the S&P-500 and the Dow Jones Industrial Average inched up 0.1 per cent last week, the tech-focussed Nasdaq slipped by similar margin.

But the scene at the domestic front was quite hazy with the benchmarks swinging wildly and in the process scoring their new peaks. After touching an all-time high at 9442.98, the BSE Sensex tumbled 0.3 per cent to 9256.91 against the previous week close; the NSE's S&P CNX Nifty also declined 0.21 per cent after registering its peak at 2857 intra-week.

But the Indian ADRs, ignoring these trends, pursued their own course as most of them scored handsome gains. Leading the pack were Sify and Wipro Technologies; while the former surged 12.3 per cent, the latter gained 7.8 per cent during the week.

Wipro said that it agreed to buy Mpower Inc and its joint venture unit Mpact for $28 million in cash.

Infosys touched its 52-week high at $82.75 but closed at $81.88 ($79.89).

Another counter that registered its 52-week high was ICICI Bank; the ADR closed at $29.38 ($28.37) after hitting a high of $31. The RBI allowed FIIs to buy up to 74 per cent equity in the Bank. The Bank also announced that it had received licence to set up a wealth management branch in the Dubai International Financial Centre.

Tata Motors also hit its year high at $13.99 but closed at $13.84 ($13.79).

Among the losers was VSNL, which ended at $18.16 ($18.7). This could be due to the Left's opposition to divest residual stake in VSNL along with four other companies. Rediff.com was the only other loser.