Wednesday's Asia Stocks Recap

India Recap

Indian markets couldn't hold a nearly 500-point up open Wednesday as volatility in the Far East continued to eat away at equity gains. Heavy selling pressure hit the region as traders were quick to lock in profits ahead of a long weekend. Indian markets will be closed on Thursday and Friday. The Bombay Stock Exchange Sensitive Index closed up 161 points, or 1.1%, at 14,994.83.

Investors in the Far East will be keeping a very close eye on the proposed lifting of the six-year ban for short-selling stocks in India. The ban could be lifted as soon as April 21st, according to India's capital market regulator.

Indian telecommunications provider Mahanagar Telephone Nigam (MTE Quote - Cramer on MTE - Stock Picks) is reportedly in talks with potential buyers to offload a 50% stake in Sir Lankan-based telecom company Suntel, according to the Economic Times. ADR shares of MTE sold off sharply by 6% to $4.88.

Indian auto maker Tata Motors (TTM Quote - Cramer on TTM - Stock Picks) announced it has secured a $3 billion banking facility for the purchase of luxury auto brands Jaguar and Land Rover from Ford Motor (F Quote - Cramer on F - Stock Picks). ADR shares of TTM finished down 0.9% at $15.91.

Some heavy losses were seen among Indian ADRs Wednesday, with Tata Communications (TCL Quote - Cramer on TCL - Stock Picks) plunging 17% to $24.48, Icici Bank (IBN Quote - Cramer on IBN - Stock Picks) losing 10% to $35.52, The India Fund (IFN Quote - Cramer on IFN - Stock Picks) dropping 8% to $41.92; and Morgan Stanley India Investment Fund (IIF Quote - Cramer on IIF - Stock Picks) finishing 7% lower to $35.75.

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.

For more on Asia, check out Daniel Harrison's coverage at TheStreet.com.

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