Indian Stocks Week-in-Review: Sensex Closes Lower, ADRs Post Modest Gains

The Sensex had a down week for a change. Although, the Sensex made an all-time high of 14009.56 mid-week, it closed the week at 13,799.49. Sensex has had such an amazing run that a short-term downtrend might be imminent (the Sensex dropped 400 points for a loss of 2.9% in trading Monday).

In other Indian ADR news:

* Rediff (REDF) had a great week as the stock closed the week up 8.80%. Rediff seems to be getting into the expensive territory again with a trailing P/E of 393.20 and Forward P/E of 85.48.
* Sify (SIFY) and Yahoo! India (YHOO) are seemingly going at each other.
* Infosys Technologies (INFY) is set to become the first Indian company to join the Nasdaq 100.
* Dr. Reddy’s (RDY) has received tentative approval from the U.S. Food and Drug Administration for cholesterol-lowering simvastatin tablets.

Disclosure: author is long SIFY.