Update from 5:53 p.m. EDT
Indian stocks broke a six-day winning streak Wednesday as investors in the Far East sold off financial and capital goods stocks. Dealers said market players locked in profits and cleared their position books ahead of the monthly expiration of futures contracts, which ends on the last Thursday of every month.
The Bombay Stock Exchange's benchmark 30-stock Sensex Index fell 86 points, or 0.5%, to 16,698 points.
Indian communications provider Tata Communications (TCL) announced it has launched a suite of security services designed to protect applications, IT systems and networks that power its customers' business infrastructures. The cost-effective security solutions will focus on premise and managed services along with professional services, which will enable Tata Communications to provide its customers with security solutions on a global scale. American depositary shares of Tata Communications traded up 1.4% to $23.India's largest private sector lender Icici Bank (IBN) said it will not give out promotions or pay large bonus payouts to employees this year, according to the financialexpress.com. The bank said the decision had nothing to do with subprime issues, but had more to do with a slowing global economy. "We are reading the economy and the mood is obviously not as bullish as a year or two ago. So, we have decided to be cost-prudent by holding back the annual promotions and scaling down the bonuses for this year," said head of human resources K Ram Kumar. Shares of Icici dropped 1.1% to $43. Leading the gainers list among Indian ADRs Wednesday were, Wipro Limited (WIT), which rose 3.8% to $12.27; Patni Computer Systems (PTI), which added 3.1% to $12.94; Tata Motors (TTM), which traded up 2.6% to $16.03; and Dr. Reddy's Laboratories (RDY), which finished 2.4% higher at $15.68. 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.