Indian stocks buck trend on US bourses, regain $7 billion
20 Oct 2008
Indian stocks listed on the American bourses gained nearly $7 billion, defying the global market gloom, much before domestic markets showed signs of recovery.
American Depository Receipts of sixteen Indian stocks led by IT major Wipro and private sector lender ICICI Bank raked up $6.86 billion in trading for the week ended 17 October.
Wipro gained $2.44 billion while ICICI Bank scrip rose as much as $1.25 billion and HDFC netted $494 million in market cap.
ICICI had recently reported mark-to-market losses of up to $93 million, owing to its exposure in instruments of bankrupt financial institutions such as Lehman Brothers.
Other major gainers included IT bellwether Infosys, which recovered $1.17 billion in market capitalisation and software exporter Satyam Computer Services, which gained $664 million.
BPO firms ExlService Holdings and Genpact, internet companies Sify Technologies and Rediff, telecom firm Tata Communication, pharma major Dr Reddy's and copper producer Sterlite Industries all gained during the week.
However, outsourcing firm WNS, IT company Patni Computer Systems, telecom entity Mahanagar Telephone Nigam Ltd and auto maker Tata Motors saw marginal declines in their market capitalisation.
The 16 Indian shares listed on Nasdaq and the New York Stock Exchange together saw their value increase over $11.54 billion on 13 October against the cumulative loss of $19.45 billion during the week ended 11 October.