Date:09/01/2006 URL: http://www.thehindubusinessline.com/2006/01/09/stories/2006010903140400.htm

Back 7 counters hit year highs

K.S. Badri Narayanan

THE first week of the year began on a good note for both the US and Indian markets as they scored handsome gains. While the former gained on hopes that the US Federal Reserve may soon stop its series of interest-rate increases, continued FIIs' buying helped the latter to score record gains.

The Dow Jones Industrial Average gained 2.3 per cent to 10,959.31. While the S&P-500 rose 3 per cent to 1285.45 and the Nasdaq jumped 3.2 per cent; the BSE Sensex and the NSE's S&P CNX Nifty went up 2.98 per cent 2.73 per cent respectively.

It was one-way direction for the Indian ADRs with both the markets surging ahead. Seven ADRs have registered their new 52-week peaks during the week.

Dr. Reddy's, which was one among them, gained after it announced that is seeking acquisitions in the US to make branded medicines similar to those protected by patents. The ADR finished firm at $22.87 against the previous close of $21.60 after hitting a 52-week high at $22.99 during intra-week.

The other ADRs that hit the 52-week high are HDFC Bank, ICICI Bank, Wipro, Tata Motors, Satyam Computer and Sify. Wipro, which announced the bagging of a Lakshmi Vilas Bank order, hit its year high at $12.95; the ADR closed the week at $12.85 ($11.95).