Wednesday's Asia ADR Recap: ReneSola

Updated from 5:49 p.m. EDT

Indian stocks recovered from early losses Wednesday, finishing in the green with technology exporters taking the lead after the rupee hit a 13-month low against the dollar. The rupee accelerated its decline after Merrill Lynch lowered its forecast for the currency, citing rising inflation and unwillingness from the Indian Central bank to tighten more aggressively.

"With the rupee's decline, the outlook for the software industry is positive," said Sandeep Sabharwal, chief investment officer at J.M. Financial Mutual Fund.

Traders said investor sentiment was also boosted after the terrorist attack that hit the city of Jaipur the previous day failed to take the market down. The Bombay Stock Exchange's Sensex Index closed higher by 225 points, or 1.4%, at 16,978.

Indian automaker Tata Motor (TTM Quote) said it will consider exporting the Rs 1-lakh car to any market that looks promising, including the U.S. "There is nothing that we cannot export Nano to any country. Tata Motors also has plans for exports. But the Tata Nano will be initially marketed in India," said a company representative. American depositary shares of Tata Motors, which trade on the NYSE, finished essentially flat at $16.04.

According to indiaoutsourcewatch.com, Indian information technology company Patni Computer Systems (PTI Quote) is in advanced talks to receive a $50 million IT contract from a large telecom company in India. The contract is rumored to be for Telecom-in-a-Box, a service that helps telecom providers offer services like multimedia content and IPTV to subscribers. Shares of Patni added 3.7% to $13.18.

Indian technology ADRs put in a strong showing Wednesday as investors bid up shares off the weakness in the rupee. Leading the group was Infosys Technologies (INFY Quote), which rose 3% to $44.33; Wipro Limited (WIT Quote), which jumped 2.6% to $13.38; and Cognizant Technology Solutions (CTSH Quote), which closed up 2.3% at $30.63.