Updated from 5:38 p.m. EDT
Indian stocks advanced Wednesday as technology majors continued to show momentum a day after information technology leader Infosys Technologies (INFY) posted strong fourth-quarter earnings and provided a bullish full-year forecast.
Dealers in the Far East said that investor sentiment is improving, backed by the strong follow-through performance in technology shares. Market players are becoming more confident that a tradable bottom is now in place for Indian equity markets as volatility subsides and the markets return to focusing on fundamentals.
The Bombay Stock Exchange's benchmark 30-stock Sensex Index finished up 90.5 points, or 0.6%, at 16,244.Bangalore-based information technology company Wipro Limited (WIT) announced it will be partnering with Credit Suisse in the design and operation of a human resource service center in Wroclaw, Poland. Under the terms of the agreement, Wipro will provide support to more than 20,000 Credit Suisse employees located in Switzerland, according to dnaindia.com. American depositary shares of Wipro, which trade on the NYSE, finished up 2.9% at $11.93. Indian technology ADRs continued to add to gains Wednesday as investors hoped for more bullish earnings reports out of the sector. Patni Computer Systems (PTI) led the group, trading up 6.2% to $13.54; Infosys added 3% to $40.88; and Cognizant Technology Solutions (CTSH) jumped 2.3% to $30. Leading Indian communications provider Tata Communications (TCL) announced it has won two awards at the 2008 Nemertes Pilot House Awards, which was held during the FutureNet conference in Boston. Tata was recognized in two "emerging carrier" categories for best technology innovation: customer experience and MPLS services, according to a company press release Shares of Tata added 2.8% to $24.50. Among the big gainers for Indian ADRs Wednesday were HDFC Bank (HDB), which jumped 5% to $103; Icici Bank (IBN), which added 4.2% to $41.91; and Sterlite Industries (SLT), which traded up 3.7% to $21. 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.