Indian stocks continued to drop dramatically Thursday, following a negative session on Wall Street the previous day. Investors are selling first and asking questions later as emerging markets continue to spiral to the downside across all of Asia.

Market players in the region are worried that inflation data could come in hot on Friday and political instability could arise surrounding the U.S.-India nuclear energy accord. The Communist Party of India said it will continue to oppose the nuclear agreement with the U.S., which has been stalled since 2005.

"Negative global cues coupled with inflation concerns and political uncertainty is a dangerous concoction for a market where sentiment is already weak. There is no clarity as to which way the market is headed, and given the scenario, traders chose to sell. I advise people to stay where they are until a clear trend emerges," said Hitesh Sheth of Prabhudas Lilladher.

The Bombay Stock Exchange's Sensex Index lost 334.32 points, or 2.2%, to 15,051.66. Here's a look at how some India-based American depositary shares traded in the U.S. on Thursday.

Indian banking ADRs came under selling pressure Thursday after U.S.-based bank


(C) - Get Report

said it could take substantial writedowns in the second-quarter for subprime mortgages and other assets. American depositary shares of

Icici Bank

(IBN) - Get Report

, which trade on the


, fell 2% to $35.57, and ADR shares of


(HDB) - Get Report

, which also trade on the NYSE, dropped around 1% to $83.46.

Susquehanna Financial reiterated its positive rating on

Cognizant Technology

(CTSH) - Get Report

, a U.S.-based information technology company with large exposure to the Indian market, and raised its price target from $36 to $41. In a note to clients, the firm said Cognizant is likely to have been one of three vendors picked for the technology integration of


(JPM) - Get Report

and Bear Stearns. Susquehanna also said the firm might have won a large contract from a large health-care provider located in New York. Shares of Cognizant rose 2.7% to $36.71.

Elsewhere in the Indian technology complex, Shares of


(WIT) - Get Report

traded up 2.9% to $13.48;

Satyam Computer

( SAY) rose 2.2% to $26.76; and

Infosys Technologies

(INFY) - Get Report

finished up 2% to $46.36.

Mahanagar Telephone Nigam


, an Indian fixed-line and wireless telecommunications provider, announced it has inked a licensing agreement with the department of telecom, which would allow the company to control its own international long distance traffic. The license will allow the company to lower international rates as it carries its own traffic. Shares of Mahanagar Telephone traded up 3.5% to $4.62.

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

Stocks in mainland China and Hong Kong fell sharply Thursday after investors lost hope that the Chinese government will step in and introduce any market-supporting policies to save the falling market. Market expectations had been high coming into the session that the government would announced some type of bail out for investors. Traders said market sentiment is at all-time lows as investors continue to witness the market drop with no relief in sight.

"It seems nothing can rescue the market from the prevailing pessimism. Maybe it's time to take a break, have a cup of tea and just wait," said Xu Zhiyuan, an analyst at CapitalEdge Investment Management.

The Shanghai Composite Index plunged 168.67 points, or 5.7%, to 2,772.44, and Hong Kong's Hang Seng Index dove 528.19 points, or 2.3%, to 22,797.61. Here's a look at how some China-based American depositary shares traded in the U.S. on Thursday.

According to the

Financial Times

, Spain-based


(TEF) - Get Report

hopes to acquire a 10% stake in Chinese wireless company

China Unicom

(CHU) - Get Report

to capitalize on the reorganization of the state-run telecommunication sector. Telefonica already controls a 7.2% stake in Chinese fixed-line carrier

China Netcom

(CN) - Get Report

, which is set to be acquired by China Unicom under the reorganization plan. American depositary shares of China Unicom, which trade on the


, moved lower by 2.3% to $18.97, and ADR shares of Telefonica dropped 1% to $80.39.

Chinese oil refiner ADRs soared in U.S. trading after news broke that the Chinese government will hike the price of gasoline and diesel fuel by at least 17% in an effort to slow down the country's growing appetite for energy.

China Petroleum & Chemical

(SNP) - Get Report

surged 7.9% to $112.64;


(PTR) - Get Report

rose 4.4% to $140.49; and

Sinopec Shanghai Petrochemical

(SHI) - Get Report

added 2.9% to $42.03.

The government fuel-price hike announcement overshadowed Goldman Sachs' price target cut of PetroChina and China Petroleum & Chemical. Goldman said refining losses for both companies will expand due to surging global oil prices. The investment bank cut its price target on China Petroleum by 15% and for PetroChina by 4.7%.

China Eastern Airlines

(CEA) - Get Report


China Southern Airlines

(ZNH) - Get Report

announced they will operate weekend chartered flights to Taiwan. China Eastern said it will offer three round-trip flights from Shanghai and one from Nanjing to Taipei every week. China Southern said it will sign a strategic partnership with Taiwan-based China Airlines and offer flights across the Taiwan Strait. Shares of China Eastern dove 3.9% to $33.25, and shares of China Southern lost 3.1% to $23.42.

Some of the big movers among Chinese ADRs and China-based stocks Thursday came from

Giant Interactive


, which blasted up 8.7% to $14.08;

Asia Time

( TYM), which jumped 9% to $5.08;



, which moved up 6.3% to $6.70; and

China Digital TV


, which tacked on 5.4% to $15.08.

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.

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