Bank Adrs Gather Momentum

The tech gloom continues to plague the market. During early trades on Monday, the top losers among Indian ADRs and GDRs were tech stocks with Infosys (down 8.55 per cent to $69), Wipro (down 8.24 per cent to $32.85) and Satyam Computer (down 5.83 per cent to $12.11). However, the top gainers were banking stocks such as ICICI Bank (up 4.33 per cent to $6.50) and HDFC Bank (up 2.29 per cent to $13.86).

However, the Instanex Skindia DR Index remained more or less unchanged at 513.91 as compared to the previous day. Among Indian DRs there were 10 gainers, 8 losers and 54 unchanged.

 

Meanwhile, Asian markets surged today over optimism that oil prices will recede once Opec implements its decision to hike crude oil production.

South Korea, which imports almost all of its crude oil requirements, proved the biggest gainer, with the Kospi bouncing up 3.14 per cent to 648.06. In Taiwan, the Taiex climbed 2.90 per cent to 4,991.26 While in Hong Kong, the Hang Seng closed up 1.16 per cent to 9,834.08.

On Friday, the Nasdaq composite index gained 9.26 points to 1447.72, while the Dow Jones industrial average added 8.77 points to 8784.95. However, the S&P 500 index ended the session unchanged.

Among the Indian securities listed on the US markets, Infy, the Infosys Technologies ADS, slipped by $6.45 to $69 after the company