Nov 8, 2003|
Global markets: Good times continue...
The month of November has traditionally been stronger for the US markets and even this time around, they did not disappoint. For the week ending November 7, the Nasdaq edged higher by 2% mainly on the back of tech gains whereas Dow was up marginally.
Buoyed by encouraging news on the economy and the technology sector, US indices carved out new multi-month highs on Monday and started the month of November on a bullish note. However, investors remained cautious over the next two days and most of Thursday despite better than expected results from tech major Cisco systems and encouraging report on jobless claims. The buying activity, however, came to the fore again late on Thursday, ahead of the all important employment report, but was not able to sustain itself on Friday despite an encouraging employment report, as investors chose to remain cautious once again. Thus, while the week started on a spirited note, it ended in a sedate manner as investors decided to reap the benefits from markets, which have touched multi-month highs.
As far as other indices across the globe are concerned, the uptrend that was witnessed last week continued this week also, as all of them closed in the positive owing to continued strength in the world's largest consuming economy, the US, and robust growth expected in the GDP for the third quarter in the European region. The week was also witness to an important landmark in the Indian stock market history as the benchmark index BSE touched 5,100 levels for only the second time in history. However, for the week ending Nov 7, the index saw some decline and came back to the sub 5,000 levels as investors decided to book profits at this handsome opportunity.
Barring dotcom stocks and banking major HDFC bank, the Indian ADRs ended the week in the positive territory. Telecom stocks VSNL (8%) and MTNL (6%) registered smart gains mainly on the back of continued growth in the Indian telecom sector. Pharma major, Dr Reddy's, also ended the week on a higher note as the stock surged on the news that the company has won a US FDA approval for launching an important drug called Amlodipine Maleate in the US markets. Software majors Infosys (3%), Satyam Comp (9%) and Wipro (5%) also registered good gains. Banking major ICICI bank, gained 1% despite the status quo on interest rates as announced in the monetary policy, which would have an impact on the bank's treasury gains.
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