Stocks in India put in a strong showing Friday, bouncing of a six-month low established in the previous trading session. The Bombay Stock Exchange Sensitive Index roared higher by 403.17 points, or 2.6%, to 15,760.52.

Value investors helped lead the rally in the Far East as market players continue to pick through the rubble to find high-quality stocks on sale. India's benchmark index has plunged more than 20% since January.

"Today's rise was more of a technical bounceback. Markets are still nervous and the outlook remains more negative than positive," said Nipun Mehta, chief executive at Unitis Tower Wealth Advisors.

The bounce overseas did little to help Indian ADRs on the U.S. stock exchanges. Indian closed-end management funds and exchange-traded funds fell across the board with

The India Fund

(IFN) - Get Report

dropping 4.9% to $43.72;

Morgan Stanley India Investment Fund

(IIF) - Get Report

losing 3.7% to $37.26; and

WisdomTree Trust

(EPI) - Get Report

falling 2.9% to $22.27.

Indian automaker

Tata Motors

(TTM) - Get Report

is looking to open up a vehicle assembly plant in South Africa, according to

. Tata plans to invest $100 million into the project and looks to have it up and running by 2010. ADR shares of Tata Motors fell 2.2% to $15.43.

One of the few Indian ADRs to advance was information technology firm

Patni Computer Systems

(PTI) - Get Report

. ADR shares of Patni traded higher by almost 3% to close at $10.69.

Leading the trend lower among the Indian ADRs were

Mahanagar Telephone Nigam


, trading off 7% to $4.81;

Tata Communications

( TCL), falling 5% to $22.88; and

Icici Bank

(IBN) - Get Report

, finishing down 4.5% to $40.34.

Be sure to check out the

Far East Portfolio

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

China Recap

Asian markets finished the week on a sour note Friday as investors continued to sell equities in the face of inflation and economic growth concerns. China's Shanghai Composite Index lost 8.58 points, or 0.2%, to 3,962.67, and Hong Kong's Hang Seng Index plunged 64.53 points, or 0.3%, to 22.237.11.

"It seems that the market isn't likely to make a comeback until the government raises the interest rate," said Wu Kan, at Dazhong Insurance Co. in Shanghai.

Chinese telecommunications company

Hutchison Telecommunications International

( HTX) received an upgrade from Goldman Sachs from neutral to buy and price target increase from $25 to $26. Goldman also added Hutchison to its "Conviction List." ADR shares of Hutchison finished up 4% at $21.36.

Hedge fund manager Kenneth Griffin, who runs

Citadel Investment Group

, issued a 13G filing that disclosed a 5.4% stake in Chinese alternative energy company

Trina Solar


. ADR shares of Trina Solar closed 3.4% lower at $30.68.

The Chinese oil and gas sector was hit hard Friday after a number of analysts issued some cautios comments on


(PTR) - Get Report

. Lehman Brothers analyst Cheng Khoo said, "PetroChina's earnings are likely to disappoint the market because we think consensus estimates are too optimistic." BNP Paribas analyst Bradley Way said, "$100 oil meant a net loss for PetroChina because refining losses would exceed the gains from exploration and production."

The bearish comments helped take down PetroChina by 4% to $127.36;

China Petroleum & Chemical

(SNP) - Get Report

fell 8% to $85;


(CEO) - Get Report

lost 5.5% to $156.15; and

Sinopec Shanghai Petrochemical

(SHI) - Get Report

declined 9% to $36.90.

In the Chinese pharmaceutical sector,

WuXi PharmaTech


was in play Friday after Jefferies & Co analyst David Windley upgraded the stock from hold to buy. "WuXi has been able to record strong momentum in its higher-margin laboratory services segment. WuXi can also grow earnings per share 35 percent over the next three years," said Windley. ADR shares of WuXi closed higher by 13.3% at $24.

Some of the few Chinese ADRs to trade higher Friday were

Home Inns & Hotels Management


, trading up by 7.7% to $20.68;

Tongjitang Chinese Medicines

( TCM), rising by 4.5% to $8.50;

LDK Solar


, advancing 3.4% to $26.15; and

NineTowns Internet Technology Group

(NINE) - Get Report

, popping 1.3% to $2.21.

Be sure to check out the

Far East Portfolio

at 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



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