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K.S. Badri Narayanan

THANKS to the cooling down in oil prices the US stocks gained last week. For the domestic bourses, FIIs buying helped the end in positive territory.

The Indian ADRs also sailed along with the US markets by scoring sharp gains. In fact, none of the counters finished in red. Infosys, which has been scaling new-year highs week after week, recorded a 52-week high this week also at $68. It closed at $66.43 against previous week close of $65.82; Satyam closed at $26.27 ($25.71) and Wipro at $21.37 ($21.25).

Dr. Reddy's announced a decline in its Q2 profits last week. Apart from weak numbers, Denmark's Novo Nordisk A/S announced that it has stopped developing a diabetes drug named Balaglitazone that was licensed to it by Dr. Reddy's. Despite these announcements, it recovered to end a tad better at $16.58 ($16.57) after it announced that the USFDA has granted final approval for the company's Abbreviated New Drug Application for Citalopram.

HDFC Bank, which recorded its all-time high at Rs 423 on the BSE last week, also ended sharply higher at $35.17 ($32.17). ICICI Bank also finished on firm note at $15.76 ($14.7).

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