This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Tuesday's Asia Stocks Recap

Updated from 5:39 p.m. EDT

Investors in India continue to experience extremes in volatility after the Sensitive Index rebounded Tuesday from earlier losses to snap a four-day losing streak. The Sensex mounted a comeback after falling as much as 185 points in the morning to close up almost 200 points.

"To a large extent, negatives factors like inflation and slowdown in corporate growth have been discounted. There are expectations of higher industrial output numbers also. So the combination of these factors proved to be a silver lining," said Hitesh Sheth, head of technical research at Prabhudas Lilladher. The Bombay Stock Exchange's Sensex Index finished higher by 199.43 points, or 1.3%, at 16,123.15.

The buying in the Far East found a home on the American exchanges with some of the largest gains seen in the Indian closed-end management and exchange-traded funds, which had all experienced heavy selling pressure the previous day. Today, the Wisdomtree Trust (EPI) traded up 9.9% to $24.38; The India Fund (IFN) finished up 16.4% to $46.19; and Morgan Stanley India Investment Fund (IIF) advanced 13.6% to $39.15.

Indian global information technology firm Wipro (WIT) finished 5.8% higher at $10.88. Credit Suisse reinitiated coverage of the stock with a neutral rating. Analyst B Sing said in research note to clients, "the company might face some challenges going forward on account of a weak macro environment. Wipro expects its sequential revenue growth to remain weak over the forthcoming one-to-two quarters. Over the last three weeks, the company has witnessed a rise in the frequency of project cancellations and delays." Wipro also announced plans to add to its staff in China by creating 1,800 new positions in the next three years, according to Crippssears.com.

Indian automaker Tata Motors (TTM) said it plans to raise as much as 40 billion rupees ($1 billion) through the issuance of long-term securities in order. The offering will be used to help finance its planned purchase of luxury car brands Jaguar and Land Rover and to build the Nano car, according to Bloomberg. ADR shares of Tata Motors climbed 4% higher to $16.62.

Some leading Indian ADRs Tuesday were Tata Communications (TCL), trading up 12% to $24.80; HDFC Bank (HDB), ripping 12.6% to $105.10; and Sterlite Industries India (SLT), finishing up 6.6% at $19.72.

Be sure to check out the Far East Portfolio at Stockpickr.com every night to find out which stocks in India and China are making big moves and announcing major news.

China Recap

Despite the release of troubling inflation data, asian-market value hunters came out of the woodwork Tuesday to bid up shares they deemed oversold. China's consumer price inflation rose in February to an 11-year high at 8.7%, vs. 7.1% for January, according to the Chinese Statistics Bureau.

"There's growing concern that China's inflation is getting out of control," said Li Huiyong, an analyst at Shenyin & Wanguo Securities in Shanghai. The benchmark Shanghai Composite Index advanced 19.5 points, or 0.5%, to 4,165.88, and the Hong Kong's Hang Seng index closed up 290.30 points, or 1.3%, at 22,995.35.

Chinese Internet search company Baidu.com (BIDU) will launch an instant-messaging service as well as online trading Web sites within the year, according to an interview in the Shanghai Daily with Baidu.com president Li Yanhong. Yanhong also said that Baidu is developing a voice search product that will allow Baidu customers to receive search results through calls to the firm's customer service center. ADR shares of Baidu traded up 7.9% to close at $260.39 on the Nasdaq.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,115.79 +9.09 0.05%
S&P 500 2,000.83 +0.81 0.04%
NASDAQ 4,572.25 +1.6130 0.04%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs