The Hindu Business Line : ICICI Bank, HDFC Bank, Tata Motors hit new high

AFTER killer Katrina, it was the turn of Hurricane Rita to spoil the mood for the US equities, as it slammed the Texas and Louisiana coastline and once again igniting fear on oil price front.

Following this, the S&P-500 Index declined 1.8 per cent, while the Dow Jones Industrial Average retreated 2.1 per cent and the tech-focussed Nasdaq dropped two per cent. According to Bloomberg data, both S&P-500 and DJ Industrial Average had their biggest weekly losses since June.

The domestic markets went for a toss amid high volatile condition following reports of income-tax raid on stockbrokers. Despite sustained FII inflows, the BSE Sensex crashed 1.89 per cent while the slide was even sharper for the NSE; the S&P CNX Nifty dwindled by 2.92 per cent.

Tracking the broad mood, the Indian ADRs also suffered during last week. However, the ADRs of HDFC Bank, ICICI Bank and Tata Motors hit their new 52-week highs. ICICI Bank and HDFC Bank Ltd gained on expectation that higher demand for loans from companies and individuals will boost profits.

Reports that Fiat SpA, Italy's largest manufacturer, is in talks with Tata Motors Ltd on a wide-ranging car-building alliance seemed to have driven up the latter.

However, among them only ICICI Bank closed the week in positive territory.

Dr. Reddy's ended on weak note at $17.91 ($18.44) despite the company announcing that it has won the Food and Drug Administration's approval to sell the generic version of US-based Eli Lilly & Co's Axid ulcer drug in the US. Dr. Reddy's got approval to sell 150-milligram and 300-milligram capsules of nizatidine, the regulator said. Following this announcement its ADR price went up a bit but caved in to the broad market sentiment.

The VSNL ADR was the biggest loser at $15.5 ($18.07).

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