ADRs of Indian companies as of January 07, 2005
US Index Report

DJIA	Dow Jones Industrial Average	10603.96	-18.92
NASDAQ	Nasdaq Composite	2088.61	- 1.39

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Weekly Report: Markets get a thorough dusting
Mumbai: A combination of factors, such as, heavy selling from hedge funds amid concerns of a hike in Federal interest rates, a warning from global rating agency Standard & Poor's about widening fiscal deficits, and a marked decline in prices of commodities on the London Metal Exchange, triggered a selling spree last week, marking a nervous start for the markets in the new year.

Foreign institutional investors, turned net sellers on two successive trading sessions last week. While the equity segment retained FII respect with modest outflows, the debt and derivatives segments experienced large pullouts, resulting in a sharp fall in values of stocks across the board. The Sensex, which was creating visions in peoples minds about crossing a new landmark of 6700 mark ultimately closed the inaugural week (January 3 - 7) of 2005 with a loss of 182.23 points at 6420.46. The broader 50 stock index of the National Stock Exchange ended with a set back of 65 points at 2015.50.

Strong shipment figures and firm product prices buoyed up cement stocks to a marked extent during the week. Gujarat Ambuja Cement, ACC, Mangalam Cement, Prism Cement, Mysore Cements, Birla Corporation, India Cements, Chettinad Cement and Dalmia Cement all ended sharply higher.

Reliance Industries (up 1.3%) by and large pretended to be indifferent to the tussle going on its boardroom and helped the market recover lost ground towards the close of the week. Reliance Energy chipped in with a modest gain of 0.7%.

Pharma majors Cipla, Dr. Reddy's Laboratories and Ranbaxy Laboratories along with quite a number of large, medium and small cap pharma stocks lost ground on sustained selling pressure. Pfizer, Glenmark Pharma and Orchid Chemicals along with Lyka Laboratories and Wockhardt bucked the trend.

Metal stocks, took the hammering at the bourses on their face. A host of metal stocks including SAIL, Saw Pipes, Sesa Goa and Jindal Iron closed the week with marked losses.

A sharp fall on Wall Street triggered heavy selling on information technology counters back home. Sector bellwether Infosys Technologies, Wipro and Satyam Computers all got hammered. Among non-Sensex IT stocks, Polaris, GTL, Hexaware Technologies, Ramco Systems, NIIT, NIIT Technologies, Hughes Software, CMC and Patni Computers recorded sharp losses. Visualsoft and Mphasis BFL ended marginally lower while TCS, Tata Infotech and SSI finished with minor gains. Geometric Software, Mastek, i-Flex Solutions and Rolta India bucked the trend.

Bank stocks attracted profit taking but most of them managed to recoup some of their losses on Friday after the finance minister's announcement for a roadmap for the banking sector. State Bank of India, HDFC Bank and ICICI Bank licked their wounds by the end of the week. Vijaya Bank, Bank of Baroda, Corporation Bank, Bank of Rajasthan, Andhra Bank, Oriental Bank of Commerce, UCO Bank, Indian Overseas Bank, Bank of Maharashtra, Bank of India and Canara Bank all got hammered.

Syndicate Bank, Allahabad Bank, Union Bank of India, Dena Bank and J&K Bank too closed sharply lower. IDBI Bank, Centurion Bank, UTI Bank and IndusInd Bank mopped up sharp gains.

PSUs were no exception to the across the board selling last week with ONGC, Hindustan Petroleum Corporation and power equipment maker BHEL all sagging at the ropes. Telecom major Bharti Tele-Ventures, Hindustan Lever and ITC, all slipped at the bourses.

Automobile stocks, Maruti Udyog, Bajaj Auto and Tata Motors all recorded sharp losses though Hero Honda, staged a smart come back to end the week with a modest gain. Kinetic Honda Motors, Escorts, Ashok Leyland, Punjab Tractors, Mahindra & Mahindra, LML and Bajaj Tempo finished sharply lower while Eicher Motors and TVS Motors ended with notable gains.

HDFC, Tata Power, Zee Telefilms, Grasim Industries and Larsen & Toubro all posted sharp to moderate losses.

Petronet LNG, Indraprastha Gas, Gujarat Gas, Castrol and GAIL were the prominent gainers in the oil sector, while Mangalore Refineries, Bongaigaon Refinery, Indian Oil Corporation and IBP closed with marked losses. Bharat Petroleum Corporation and Kochi Refineries ended marginally lower.

In the telecom sector, MTNL and ITI suffered sharp losses while Himachal Futuristics, Tata Teleservices, VSNL, Avaya Global and Krone Communications recorded impressive gains.

While the foreign institutional investors (FIIs) recorded net purchases of Rs563.5 crore in equities for the week, mutual funds (MFs) were net purchasers at Rs205.42 crore.

The foreign funds were net sellers at Rs 583.4 crore in the debt market for the period under review, according to the data available with the Securities and Exchange Board of India (SEBI). The mutual funds were also net purchasers in the debt market at Rs287.33 crore.
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