Indian stocks trading on American bourses added USD six billion to their cumulative market capitalisation last week, with IT icon Wipro and private sector lender HDFC Bank accounting half of the total gains.
For the week ended May 14, 16 Indian entities listed on the New York Stock Exchange and Nasdaq added USD six billion to their market capitalisation, Wipro and HDFC Bank together
added USD 2.96 billion to the total valuation.
Wipro's valuation surged by USD 1.8 billion to USD 31.63 billion, while the market capitalisation of HDFC Bank increased by USD 1.16 billion to USD 22.22 billion.
HDFC Bank is followed by IT bellwether Infosys Technologies, whose market capitalisation jumped by USD 793 million to USD 33.04 billion.
Further, pharma major Dr Reddy's Laboratories' valuations rose by USD 469 million to USD 4.74 billion, while that of another private sector lender ICICI Bank grew by USD 457
million to USD 21.83 billion.
Out of 16 companies trading as American Depository Receipts, four firms -- internet firm Reddif.com, BPO company WNS Holdings and telecom majors Tata Communications and Mahanagar Telephone Nigam -- have witnessed an erosion of USD 76 million to their market capitalisation.
ADRs are bought and sold on American markets just like stocks and are issued by a bank or a brokerage firm.
Auto maker Tata Motors too saw its market capitalisation rising by USD 414 million to USD 8.33 billion.
Besides, the valuation of IT major Patni Computer Systems, outsourcing firm Genpact and Mahindra Satyam (earlier known as Satyam Computer Services) increased by USD 192 million, USD 186 million and USD 182 million, respectively.
Other ADR gainers -- Internet company Sify Technologies, BPO firm EXL Service Holding and copper producer Sterlite Industries' market capitalisation increased in the range of USD four million to USD 92 million.
On Friday, the US markets ended in red, with Dow Jones Industrial Average ending, down 162.79 points, at 10,620.16 and the S&P 500 settling down 21.75 points to 1,135.68.
Besides, tech heavy Nasdaq was down 47.51 points at 2,346.85.