Tuesday's Asia ADR Recap: Suntech

In the Indian financial sector, HDFC Bank HDB announced it will offer customers a full range of free banking services for their mobile phones. These services, which will include fund transfers, accessing bank accounts, shopping and buying mutual funds, will be accessible through ngpay, a mobile commerce network from Bangalore-based JiGrahak Mobility Solution. Shares of HDFC fell 0.5% to $116.27

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

Stocks in China traded mixed, with shares in Hong Kong advancing due to buying in blue chips and shares in mainland China falling as investors continue to fear rising inflation. Traders said record crude oil prices added to inflation worries and institutional investors are hesitant to take large positions in front of next week's report on inflation data for April.

Dealers said investor sentiment was hurt after speculation made the rounds that the Chinese government plans to hike interest rates to control inflation and avoid an overheating economy. The Shanghai Composite Index lost 27.51 points, or 0.7%, to 3,733.50 and Hong Kong's Hang Seng Index added 78.18 points, or 0.3%, to 26,262.13.

"Asian markets may remain volatile until the U.S. financial conditions and credit-related stress alleviate. Moreover, inflationary risk is still on the upside and global growth is starting to slow modestly," said a Merrill Lynch analyst in a note to clients.

Merrill Lynch also cut its year-end target for Hong Kong's Hang Seng Index to 28,000 from 30,000, citing valuation.