Wednesday's Asia ADR Recap

Stocks in India mounting a small recovery on Wednesday despite a decision by the Reserve Bank of India(RBI Quote) to hike the repo rate by 50 basis points to 8.5% and also raise the cash-reserve ratio by 50 basis points to 8.75%. Traders said the bounce seen in the market was mainly due to short covering.

"If inflation indicators don't start to come down in the next two or three months, the RBI has more tricks up its sleeve,'' said Jyoti Narasimhan, research director for India at Global Insight. "This is more of a first step than a last step."

The Bombay Stock Exchange's Sensex Index closed up 113.49 points, or 0.80%, to 14,220.07. Here's a look at how some India-based American depositary shares traded in the U.S. on Wednesday. ...