Eralier on Monday, November 22, with a gain of $15 over its Friday close Sify closed at $75. During the day, a whopping 1.03 million ADRs had changed hands- one of the highest volumes during the last fortnight. On Tuesday, Infy was at $232, again a new high.

According to reports, the latest web traffic data, which shows substantial rise in Internet users for October was one of the main boosters for sudden rush for Internet stocks.

In little over a month's time since its listing on October 19 on the Nasdaq, the Satyam Infoway ADR has shown an appreciation of more than 350 per cent over its offer price of $18 and more than 125 per cent over its maiden closing at $35.5.

According to reports and analysis, sudden rush for Internet stocks is mainly on account of web traffic data for October showing rising net traffic to major internet sites. According to research firm Media Matrix, on year-to-year basis, the growth in Internet users was 12.5 per cent for October.

Reflecting on the bullish mood, on Monday the Dow Jones Internet Index of 35-stocks showed a rise of 8.70 points to 3153.31. On the other hand, The Street.com's Internet Index, which has fewer stocks than Dow's Internet Index, rose 14.35 per cent to 963.18. And the Amex Internet Index, which is more broad-based, rose 5.50 per cent to 450.43.

For the quarter ended September 1999, Satyam Infoway accrued a net loss of Rs 7.69 crore as against Rs 4.42 crore during the corresponding period of the previous fiscal. During the period under consideration, the company's total revenues rose 616 per cent to Rs 12.74 crore from Rs 1.78 crore in the year-ago quarter. Infy, on the other hand, after its dream run during the previous week, took a hiatus on Monday. The Infy ADR had closed at $230.125 against its previous close of $228.5, a marginal gain of 1.625.