The Hindu Business Line : It's a mixed bag

THE US markets ended in positive zone thanks to energy companies' stocks such as Exxon Mobil Corp and Valero Energy Corp. Besides, a US Government report showing consumer prices increased less than forecast eased concern that surging fuel costs will spur faster inflation.

For the week, the Dow Jones Industrial average added 0.5 per cent to 10,841.60 while the Standard & Poor's 500 Index rose 0.8 per cent to 1211.37. According to a Bloomberg data, this was the highest close since December 31 last for S&P. The tech-focussed Nasdaq jumped 0.7 per cent.

The domestic markets were volatile ahead of the Budget; the BSE Sensex dropped 0.22 per cent while the NSE's S&P CNX Nifty added 0.26 per cent.

It was a mixed week for the Indian ADRs. Among them, HDFC Bank and Infosys ended on a firm note while Satyam and Wipro finished in the red.

VSNL also ended a tad better at $9.95 against the previous week close of $9.88 after the company said it received $169 million from the sale of its stake in Intelsat Ltd.

Despite the Union Government increasing the excise tax exemption limit for drugmakers (after ordering them to pay excise on the maximum retail price of a drug), Dr. Reddy's Lab finished marginally lower at $17.75 ($17.78). MTNL also closed weak at $6.83 ($7.01). ICICI Securities will submit a report on the possible merger of BSNL and MTNL on Monday, Mr Nripendra Mishra, Secretary of DoT, said

Infosys not only gained in price, but its premium also jumped to 53.55 per cent (47.41 per cent). However, the premium for the rest of the counters hovered around the previous week levels.

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