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US stocks rebound after early losses as bargain hunters step in

Tuesday, October 23, 2007

US stocks closed higher after a roller coaster session. Stocks rallied late in the session as bargain hunters stepped in despite economic concerns and worries about global credit markets. Reassuring earnings from Merck & few other companies provided support. The financial sector got support after Bear Stearns got a $ 1 billion investment from China's Citic securities. The energy sector was a notable laggard again as oil prices dipped 1.2%.

Volume on the New York Stock Exchange came to nearly 1.4 billion, as advancing stocks outran those declining 9 to 7. On the Nasdaq, nearly 2 billion shares were exchanged, and advancing issues topped decliners 3 to 2.

The Dow rose 44.95, or 0.33%, to 13,566.97, after falling more than 100 points early in the session. Broader stock indicators finished higher, with tech stocks leading. The S&P 500 index rose 5.70, or 0.38%, to 1,506.33, and the technology-dominated Nasdaq composite index rose 28.77, or 1.06%, to 2,753.93. The Russell 2000 index of smaller companies climbed 11.29, or 1.41%, to 810.08.

Indian ADRs end strong; MTNL rises more than 10%

The Indian ADRs had a good day as the US market sentiment improved. All of the ADRs managed to end in the green, led by MTNL, which was up more than 10%.

In the technology pack, Infosys Technologies was up 1.91% at $ 49.65, Patni Computers was up 3.79% at $ 22.71, Satyam Computers was up 3.77% at $ 26.98, while Wipro ended the day 1.87% higher at $ 15.23.

In the non-technology pack, HDFC Bank was up 2.87% at $ 108.68, VSNL was up 5.73% at $ 25.30, ICICI Bank was up 5.06% at $ 56.11, MTNL was up 10.21% at $ 8.85, Tata Motors was up 0.36% at $ 19.37, Dr Reddy's Lab was up 1.41% at $ 15.82 and Sterlite was up 2.65% at $ 20.55.

Posted by FR at 9:23 AM  


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Investment in equity shares has its own risks. Sincere efforts have been made to present the right investment perspective.The information contained herein is based on analysis and up on sources that we consider reliable. I, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and I am not responsible for any loss incurred based upon it.& take no responsibility whatsoever for any financial profits or loss which may arise from the recommendations given in this blog.