Updated from 5:41 p.m. EDT
Indian stocks finished flat Wednesday following weak global cues and record crude oil prices. The Bombay Stock Exchange's Sensex Index fell 34 points, or 0.2%, to 17,339.31
Indian government official have written to the futures exchanges and asked them to ban trading in soybean oil and three other commodities, in an attempt to tame inflation. Trading in rubber, potatoes and gram will also be suspended, according to Bloomberg.
Shares of Cognizant Technology Solutions (CTSH - Get Report), an information technology service provider, dove 10.4% after the company forecasted second-quarter profits below Wall Street estimates. First-quarter profits jumped 35% to 38 cents a share, vs. estimates of 33 cents a share, but the company said second-quarter profits will be in the range of 35 cents to 35 cents a share, vs. estimates of 36 cents a share. Total revenue rose 40% to $643.1 million, vs. estimates of $642.9 million, and the company forecasted revenue of roughly $680 million vs. estimates of $707.3 million.Citigroup analyst Ashwin Shirvaikar removed Cognizant from his global tech conviction list, but kept his buying rating on the shares. Shares of Cognizant dropped $3.54 to $30.21. The weaker-than-expected forecast from Cognizant inspired traders to sell off the broader Indian technology sector. Satyam Computer (SAY) dove 6.3% to $25.54; Wipro (WIT) lost 5.8% to $12.87; Infosys Technologies (INFY) shed 5.5% to $43.24; Syntel (SYNT) declined 5.5% to $31.46; and WNS (WNS) traded down 2.8% to $17.89. According to an official in the Department of Telecom, the Indian government is considering selling its 26% stake in Tata Communications (TCL). American depsoitary shares of TCL, which trade on the NYSE, fell 4.2% to $23.84. 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.