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Indian shares on US bourses defy global gloom

business Updated: Oct 19, 2008 14:11 IST

Even as the Indian markets took a beating this week, their counterparts listed on American bourses gained nearly seven billion dollars, defying the worldwide market gloom.

Led by IT major Wipro and private sector lender ICICI Bank, the 16 Indian companies trading as American Depository Receipts coughed up about 6.86 billion dollars for the week ending October 17.

Wipro witnessed a gain of 2.44 billion dollars while ICICI Bank scrip, which had taken a severe beating in recent times in the domestic market, rose as much as 1.25 billion dollars.

Another leading private sector lender HDFC Bank's market capitalisation rose 494 million dollars.

Swinging between the extremes, global markets including the American bourses had seen high volatility, with Japan's Nikkei touching a 20-year low.

Further, the US benchmark Dow Jones Industrial Average witnessed one of the worst trading sessions in decades, before the closing the week in the green.

However, Indian benchmark index, Sensex plunged below the psychological 10,000 level on Friday last week, its lowest level in over two-years, with major bluechips taking a heavy beating.

In contrast, the 16 Indian shares listed on Nasdaq and the New York Stock Exchange collectively saw a value increase of over 11.54 billion dollars on October 13 against the cumulative loss of 19.45 billion dollars they suffered during the week ending October 10.