Stocks in India snapped a three-day down trend on Thursday but not without experiencing extremes in volatility that saw the benchmark Sensex Index swing 500 points intraday. Traders appear to be putting aside any negative sentiment created by the fuel price hike and snapping up stocks they deem to be undervalued. The Sensex Index had plunged more than 900 points over the past three trading sessions.

"There is a lot of volatility in the market. Unless it gains some stability, it is difficult to take a call on the direction. Nevertheless, valuations are attractive at this stage," said Jignesh Shah of ABN Amro Bank.

The Bombay Stock Exchange's Sensex Index slipped 254.93 points, or 1.64%, to 15,769.72. Here's a look at how some India-based American depositary shares traded in the U.S. on Thursday.

Stifel Nicolaus & Company said it will keep its hold rating on shares of

Infosys Technologies

(INFY) - Get Report

but raise its estimates for the Indian information technology firm. In a note to clients a Stifel analyst said due to the Indian government's approval of a one-year extension of the software technology park tax exemption, it is raising its EPS estimates for 2009 from $2.47 to $2.54 and for 2010 from $2.79 to $2.82. American depositary shares of Infosys, which trade on the

Nasdaq

, surged 5.7% to $49.37.

Stifel Nicolaus & Company also reiterated its buy rating for U.S.-based information technology provider

Cognizant Technology Solutions

(CTSH) - Get Report

and set its price target at $41. Stifel raised its EPS estimates for 2009 from $1.74 to $1.93 and for 2010 from $2.15 to $2.16, citing the software technology park tax exemption. Cognizant has a large exposure to the Indian technology market. Shares of Cognizant moved up 3.5% to $36.78.

Other Indian technology stocks that rose Thursday were

Wipro

(WIT) - Get Report

, which ripped higher by 5.7% to $14.53;

Satyam Computer

( SAY), which climbed 5.3% to $28.56; and

WNS

(WNS) - Get Report

, which closed up 4.6% to $18.89.

India-based commercial bank

ICICI Bank

(IBN) - Get Report

said growth in the real estate market has been negatively impacted due to higher interest rates and rising home prices but the sector isn't in a bubble. "Clearly there is a slowdown in the number of deals. Interest rates have gone up from 8% in the past to now 12% and prices too have gone up but an asset bubble is not there," said ICICI Bank Joint Managing Director Chanda Kochhar.

The company also announced its private equity division

ICICI Venture Funds Management Company

will take a 20% stake in PVR Pictures, a wholly owned subsidiary of India-based film and entertainment company

PVR Ltd

, for 600 million rupees. Shares of ICICI jumped 5.5% to $36.95.

According to the

business-standard.com

, fixed-line telecommunications provider

Mahanagar Telephone Nigam

(MTE)

(MTNL) has ended a joint partnership with state-controlled telecom company

Bharat Sanchar Nigam

(BSNL) for a submarine cable project in Singapore. For reasons undisclosed, BSNL will leave the project and MTNL will finish the project alone. Shares of Mahanagar added 5.9% to $4.81.

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.

China Recap

Shares in mainland China dropped Thursday on speculation the government will initiate price controls on coal, oil and steel to combat rising inflation. Shares in the Far East also came under selling pressure after regulators announced they will review a plan by

China State Construction Engineering

for a multibillion-dollar IPO. Analysts are predicting the company will attempt to raise $5.8 billion.

"Investors are worried other big IPOs will be launched soon after China State Construction Engineering and drain liquidity," said Ding Chaoyu, an analyst at United Securities.

The Shanghai Composite Index dropped 18.27 points, or 0.54%, to 3,351.65 and Hong Kong's Hang Seng Index advanced 132.04 points, or 0.6%, to 24,255.29. Here's a look at how some China-based American depositary shares traded in the U.S. on Thursday.

China's leading Internet search engine

Baidu.com

(BIDU) - Get Report

plans to become the largest provider of video chat services in the Far East. The company said it will launch its instant messaging service with real-time video chat based on leading provider of embedded real-time media processing applications

Global IP Solution's

GIPS VideoEngine platform. American depositary shares of Baidu, which trade on the

Nasdaq

, ripped higher by 5% to $361.81.

Shares of

Sinopec Shanghai Petrochemical

(SHI) - Get Report

soared 10% on speculation that its parent company

China Petroleum & Chemical

(SNP) - Get Report

is planning to make an offer to buy up stock of the petrochemical company it doesn't already control. Shares of Sinopec jumped $4.34 to $44.71 and shares of China Petroleum added 4.3% to $104.06.

Spreadtrum Communications

(SPRD)

, one of China's leading wireless baseband chipset providers, announced it has completed its share repurchase program. The company said it bought back around 1.78 million shares for a total cost of $14.9 million. Some of the shares it bought back helped to offset shareholder dilution from the stock issued for the

Quorum Systems

takeover. Shares of Spreadtrum finished essentially flat at $9.51.

Some big movers to the upside among Chinese ADRs and China-based stocks Thursday were

China BAK Battery

(CBAK)

, which surged 13% to $4.77;

China Architectural Engineering

( RCH), which soared 12% to $9.21;

Trina Solar

(TSL)

, which rose 9.7% to $49.63; and

JA Solar Holdings

(JASO)

, which moved higher by 6.5% to $21.48.

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.

For more on Asia, check out

Daniel Harrison's coverage

at

TheStreet.com

.

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