Stocks in India advanced for the second day in a row on Thursday as traders covered shorts and rolled over their derivatives contracts that were set to expire later in the day. Also helping the rally was a strong showing from Indian software stocks such as


(WIT) - Get Report



(INFY) - Get Report

, following a move by


(C) - Get Report

that raised its earnings estimates for the software sector due to an adjustment higher for the rupee against the U.S. dollar.

"The markets rose on continued short-covering. We may, however, see unwinding of positions if inflation data is weak tomorrow," said Bhaskar Kapadia, a partner with brokerage Pyramid Securities.

The Bombay Stock Exchange's Sensex Index rose 201.75 points, or 1.4%, to 14,422.82. Here's a look at how some India-based American depositary shares traded in the U.S. on Thursday.

Satyam Computer Services

( SAY), an India-based consulting and information technology service provider, announced it has formed a strategic alliance with U.S.-based

Sciformix Corporation

, a life science knowledge process outsourcing firm, to deliver end-to-end data management services in Pharmacovigilance. The two companies will work together to help pharmaceutical and biotechnology companies improve the safety of their products while saving on costs and adding scalability. American depositary shares of Satyam Computer, which trade on the


, slipped 6% to $24.38.

Cognizant Technology Solutions

(CTSH) - Get Report

, a U.S.-based information technology, consulting and technology services company with a large to exposure to the Indian market, was selected by


(KEY) - Get Report

, a financial services company, as the technology vendor of 2007 for enterprise technology development. The company said it picked Cognizant because it provided innovative solutions that helped enhance product development and utility along with business agility and speed-to-market. Shares of Cognizant Technology fell 5.6% to $32.51.

Leading the decliners list among Indian ADRs Thursday were


(HDB) - Get Report

, which plunged 5.5% to $72.76;

Tata Motors

(TTM) - Get Report

, which fell 5.4% to $10.66;


(WIT) - Get Report

, which lost 5.2% to $12; and


(IBN) - Get Report

, which finished down 5.1% to $31. One bright spot among Indian ADRs was

Sify Technologies

(SIFY) - Get Report

, which soared 7.7% to $4.18 on heavy volume.

Be sure to check out the

Far East Portfolio


every night to find out which stocks in India and China are making big moves and announcing major news.

China Recap

Chinese stocks failed to hold onto early gains Thursday as investors in the Far East viewed the

Federal Reserve's

decision to keep rates unchanged as a bearish sign for the future of the U.S. economy. Market players are worried that the Fed will have to hike rates in the coming months or face the same inflationary pressures currently hitting China and other emerging markets.

Linus Yip, a strategist with First Shanghai Securities, said: "Sentiment remains weak and there is no strong catalyst ahead to buoy buying interest."

The Shanghai Composite Index dropped 3.16 points, or 0.11%, to 2,901.85, and Hong Kong's Hang Seng Index fell 179.49 points, or 0.8%, to 22,455.67. Here's a look at how some China-based American depositary shares traded in the U.S. on Thursday.

Shares of

Agria Corporation


, a China-based agri-solutions provider, plunged 26% after the company reported a first-quarter loss and guided down for its second-quarter revenues. The company said it lost $8.3 million in the first quarter, vs. a profit of $7.41 million from a year ago, and first-quarter revenues came in at $16.3 million, vs. 15.3 million from a year earlier. Agria said it expects total revenues for the second quarter in the range of $17 million to $19 million, which would represent a year-on-year drop of 16% to 22%. American depository shares of Agria, which trade on the


, fell $1.75 to $4.88 on extremely heavy volume.

Crude oil touched a record high of $140 per barrel on the New York Mercantile Exchange Thursday after Libya threatened to cut production. Despite the sharp rise, Chinese alternative energy stocks were hit hard with selling pressure. Shares of

China Sunergy


fell 16% to $9.20;

Trina Solar


slipped 11% to $33.67;


(SOL) - Get Report

dipped 9% to $17.34;

Suntech Power


lost 7% to $38.45; and

JA Solar


dove 6.8% to $17.85.

Oppenheimer downgraded

WuXi Pharma Tech


, a leading pharmaceutical, biotechnology and medical device research and development company with operations in China and the U.S., to perform from outperform. Shares of WuXi Pharam fell 1.4% to $20.14 on the news.

China-based specialized motor manufacturer

Harbin Electric

( HRBN) announced it sold 3.5 million shares at $14.13 each to institutional investors in a private placement, netting the company $49.5 million. The company plans to use the money raised for working capital and corporate purposes, including the financing of a recent acquisition of an industrial rotary motor business. Shares of Harbin moved down 4.1% to $14.81 on above-average volume.

Be sure to check out the

Far East Portfolio


every night to find out which stocks in India and China are making big moves and announcing major news.

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