The Hindu Business Line : Infosys, VSNL steal limelight

The US and Indian equity markets witnessed divergent trends last week; while the former fell on concerns over further interest rate hike as signalled by the US Federal Reserve, the latter continued to thrive on fresh liquidity from foreign as well as domestic fund participants.

As a result, Dow Jones Industrial Average slipped 1.5 per cent to 11,109.32 - the worst weekly performance since January 20; Nasdaq rose for a third week, climbing 1.2 per cent to 2339.79

On the other hand, the BSE Sensex surged 3.01 per cent last, moving ahead of the Dow Jones index value.

Among the ADRs, Infosys and VSNL were the star performers; while the former surged to $77.86 from last week's close of $72.43, the latter closed at $21.46 ($18.56) before recording its new 52-week peak at $21.569.

The Securities and Exchange Commission announced that it selected had Infosys among 17 companies to participate in a new pilot program to use interactive data in their financial statement filings.

Satyam Computer and Wipro also closed on firm note at $43.76 ($42.34) and $14.87 ($13.85) respectively with the former registering its 52-week peak at $43.9.

It was reported that Wipro Ltd has secured a Rs 350-crore order from HDFC Bank Ltd; the order is for a period of five years, the report said.

HDFC Bank finished a tad better at $54.5 ($53.77) while ICICI Bank ended on weak note at $27.68 ($28.95).

While Sify Ltd finished firm at $13.24 ($12.75), Rediff.com closed weak at $21.07 ($21.7).

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