Tuesday's Asia ADR Recap: Suntech

Updated from 5:57 p.m. EDT

For the second day in a row Tuesday, Indian stocks couldn't hold on to gains and fell back into the red as investors sold stocks into strength.

Investor sentiment was hampered after India's largest wireless-phone company, Bharti Airtel, said it might have to take on more debt or dilute shares to finance a $19 billion takeover of Africa's biggest wireless-phone company, MTN Group.

"We have a mixed-bag sort of situation right now as investors are churning their portfolios. So there is profit-booking in some high-beta stocks, while certain neglected sectors and stocks are being bought into. Overall, I expect this range-bound situation to continue till the next fortnight," said Anand Kuchelan, a senior analyst at PINC Research.

The Bombay Stock Exchange's Sensex Index fell 117 points, or 0.7%, to 17,373.

Wipro WIT, an Indian global information technology company, announced it plans to consolidate its nontechnology business segments like consumer care products, lightning and infrastructure engineering into a new group called the Global Program Team. The Global Program Team will focus on finding new business opportunities and will be headed by T.K. Kurien. American depositary shares of Wipro, which trade on the NYSE, rose 2% to $13.67.

Among other Indian technology stocks, Infosys Technologies INFY rose 3.2% to $45.80; Cognizant Technology Solutions CTSH added 1.5% to $33.75; and Satyam Computer SAY closed higher by 1.3% at $27.26.

Vodafone Group VOD, a U.K.-based voice and data communications service company, announced it plans to launch Apple's AAPL iPhone in India as well as in the Czech Republic, Italy, Egypt, Greece, Portugal, New Zealand, South Africa, Turkey and Australia. Shares of Vodafone fell 0.4% to $31.95, while shares of Apple rose 1% to $186.66.