Thursday, April 24, 2008

Asian and US markets Surge, Indian market to see substantial gains

Asian markets opened on positive note on Thursday (April 24), on speculation that technology companies will post better-than-expected earnings and a cut in trading tax by China will boost investor confidence.

Samsung Electronics advanced after Broadcom reported first-quarter profit better than the analyst estimates. Qualcomm advanced after it raised its earnings forecast.

Japanese benchmark index Nikkei rose 51.71 points, or 0.38%, to trade at 13,630.87.

Hong Kong`s index Hang Seng rose 570.42 points, or 2.26%, to trade at 25,859.66.

China`s Shanghai Composite advanced 294.94 points, or 9%, to trade at 3,573.27.

Taiwan`s Taiex index rose 37.08 points, or 0.41%, to trade at 9,045.57.

South Korea`s KOSPI rose 9.98 points, or 0.55%, to trade at 1,810.77.

Singapore`s Straits Times rose 39.87 points, or 1.25%, to trade at 3,233.71. (8.10 a.m., IST)

Indian ADRs gain as US markets rebound

US stocks ended with a moderate advance on Wednesday (April 23) after a better-than-expected profit report at Boeing and a up-and-down day in the energy markets.

The Dow Jones industrial average rose 42.99 points, or 0.34%, to 12,763.22. The NASDAQ composite index added 28.27 points, or 1.19%, to 2,405.21.

The yield on the benchmark 10-year Treasury note, which moves opposite to its price, rose to 3.74% from 3.69% late Tuesday.

Majority of Indian ADRs ended on a positive note on Wednesday barring HDFC Bank that ended marginally lower 1.16% at USD 106.83.


Company USD % Gain
Sterlite 20.98 1.60
ICICI Bank 43.63 0.05
Wipro 12.27 3.81
Infosys 42.19 2.08
Satyam 23.53 1.12
Tata Motors 16.03 2.69
MTNL 5.59 1.64
Tata Communications 24.04 1.65
Dr Reddy`s 15.68 2.48
Patni Computers 12.94 3.11

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