The Hindu Business Line : Infy sustains `peak' form, Wipro loses steam

LED by energy company stocks, which were gaining owing to firm crude oil prices, the US markets posted smart gains. According to a Bloomberg data, the Standard & Poor's 500 Index gained for a sixth week, its longest rally since January. For the week, the S&P 500 added 0.4 per cent to 1128.55, the highest since July 1. The Nasdaq Composite Index climbed 0.8 percent to 1910.09. The Dow Jones Industrial Average, however, shed 0.3 per cent to 10,284.46, mainly on Coca-Cola's profit warnings.

For the domestic market, the positive news flowed through from all corners; continuous foreign institutional investors' buying, fall in the inflation rate and impressive export growth led the BSE benchmark to cross the crucial 5500-level. The BSE Sensex closed jumped 3.56 per cent to close at 5561.15 and the NSE's S&P CNX Nifty rose 3.9 per cent to end at 1733.65.

The strong show by the US markets helped the Indian ADRs to post handsome gains. The pick of the week was Infosys, which continued to register new 52-week highs at the Nasdaq. The continuous faith on Indian IT industry seemed to have lifted the counter to a 52-week high of $59.08 during last week. But it ended marginally lower from that level at $57.41 against the previous week close of $54.93. However, the other two IT majors - Satyam Computer and Wipro - were not that fortunate as Satyam ended a tad better at $23.64 ($23.05) while Wipro finished sharply lower at $17.75 ($18.19). In fact, Wipro was the lone counter that was to finish in the red last week may be due to its Director, Mr Vivek Paul's decision to sell two lakh shares.

The Government proposal to consider merger between BSNL and MTNL seemed to have smeared a positive sentiment towards the latter as it ended higher at $6.82 ($6.35).

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