According to Skindia Finance, during the week under review, as the market pinned its hopes on a quick solution to the Kargil conflict on the back of a US support to India rather than to Pakistan, the Skindia GDR Index closed with a net gain of 38.35 points to 818.50 points a rise of 4.92 per cent. On June 24, the GDR index had closed at 780.14 points. Compared to the 4.92 per cent rise in the GDR index, during the same period, theBSE Sensex gained marginally a rise of only 0.60 per cent.

The recovery in the GDR market was also bouyed by short covering, while institutions bought into index-based cyclicals.

And as the GDR market raced ahead of the domestic market, the average premium also moved up to 9.70 per cent from the earlier 7.60 per cent.The prominet among the GDRs which commanded premiums were Grasim and Bajaj Auto.

While the Grasim GDR was commanding a 43.09 per cent premium to a rupee equivalent of Rs 309, the Bajaj Auto GDRs were commanding a premium of 38.16 per cent to a rupee equivalent of Rs 733.

Prominent among the top gainers were Indo Gulf with 19.05 per cent to $1.25 from $1.05 the previous week, and SBI with a 15.98 per cent rise to $13.43 from $11.58.

The IT GDRs, with a rise of 7.35 per cent, were again the the top gainers during the week followed by the fertiliser and the pharma GDRs with 5.14 per cent and 4.14 per cent gains, respectively. And the only two losers were the GDRs fromthe cement and the hotel sectors. While the GDRs from the cement sector lost 5.77 per cent, the same from the hotel sector were down 2.81 per cent.