New York: Indian stocks trading on the American bourses added just $350 million to their collective market capitalization during the past week, as majority of them saw their valuation declining.
The 16 Indian entities listed on the New York Stock Exchange and Nasdaq added a net of $350 million to their market capitalization for the week ended 19 March.
IT bellwether Infosys Technologies, which led the gang of gainers among the Indian stocks, saw its market capitalization rising by $901 million to $34.64 billion last week.
Infosys is followed by another IT icon Wipro which saw its m-cap rise by $411 million to $34.12 billion, while pharma major Dr Reddy’s Laboaratories saw its m-cap surging by $320 million to $4.74 billion. Another IT firm Patni Computer Systems gained $19 million.
However, the total gain was offset by the loss made by as many as 12 companies, including private sector lenders--HDFC Bank and ICICI Bank and copper producer Sterlite Industries.
The losers pack was led by ICICI Bank, witnessing a value erosion of $322 million to $22.71 billion, followed by HDFC Bank with a loss of $291 million to $19.63 billion, and Sterlite declined by $286 million to $14.95 billion.
Outsourcing company Genpact declined by $164 million to $3.38 billion, auto maker Tata Motors and BPO company WNS Holdings fell by $81 million and $74 million, respectively.
Other losers are Internet firms Sify Technologies and Reddif.com, BPO company EXLService Holdings, telcos Mahanagar Telephone Nigam and Tata Communications whose valuation slipped to $5 million and $30 million, respectively.
On Friday, the Wall Street ended in the negative zone, following by Reserve Bank of India’s surprise move to hike key policy rates by 25 basis points, with Dow Jones Industrial Average ending down 37.19 points at 10,741.98 and the S&P 500 settling down 5.92 points to 1,159.90. Besides, tech heavy Nasdaq was down 16.87 points at 2,374.41.