Wednesday's Asia ADR Recap: Solarfun
Stocks in India finished essentially unchanged Wednesday as investors remained on the sidelines in the face of record crude oil prices and weak global cues. Traders said fear is rising among market participants that India's government is underestimating the true inflation numbers by not accounting for oil subsidies.
"The market is stuck in a broad range. The Sensex is oscillating between 16,500 and 18,000. Stock-specific movement is expected to continue," said Sandeep Wagle, chief technical analyst at Angel Broking.
The Bombay Stock Exchange's Sensex Index rose 12.98 points, or 0.1%, to 17,243.16. Here's a look at how some India-based American depositary shares traded in the U.S. Wednesday.
Indian federal bond yields hit three-week highs on Wednesday as concerns mounted among investors that higher inflation readings will force the central bank to raise interest rates. "Inflation rate, which is at its highest in three-and-a-half years, is totally unacceptable," said RBI governor Yaga Venugopal Reddy during a speech.Satyam Computer Services (SAY), a leading Indian information technology company, has teamed with Siemens PLM Software, a unit of Siemens AG (SI) that provides product lifecycle management (PLM) software and services, announced a partnership to provide customers with optimized PLM software and services. American depositary shares of Satyam Computer, which trade on the NYSE, finished off by 1.4% at $25.60, and ADR shares of Germany-based Siemens dropped 2.2% to $115.13. Indian banking giant HDFC Bank (HDB) said the central bank has approved its merger with Centurion Bank of Punjab for $2.4 billion. The combined entity will have a nationwide network of 1,167 branches and a total deposit base of 1.22 trillion rupees. Shares of HDB dropped 5.2% to $98.77.
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