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Indian shares dove Thursday on investor fear that rising crude oil and higher domestic inflation will grind the world's second-fastest growing economy to a halt. Traders said the consensus among the investing community is that a rate hike is almost inevitable with the current levels of inflation.

"Market sentiment is playing a crucial role in determining the stock prices. Shipping and commodities are the only two sectors faring well at this stage," said Arpit Aggarwal, head of research at Arihant Capital.

The Bombay Stock Exchange's Sensex Index lost 336 points, or 1.9%, to 16,907. Here's a look at how some India-based American depositary shares traded in the U.S. Thursday.

Tata Communications

( TCL), a leading Indian communications provider, announced it has developed a detection and mitigation service to protect against sophisticated cyber attacks on critical network infrastructure and business applications. The service, named Distributed Denial of Service (DDoS), renders a computer's resources useless in the event of a cyber attack. American depositary shares of Tata Communications, which trade on the


, finished essentially flat at $23.34.

India's pharmaceutical king

Dr. Reddy's Laboratories

(RDY) - Get Dr. Reddy's Laboratories Ltd. Report

announced it has launched Omez Insta, an innovative powder formula that will be used in the treatment of acute gastritis and can also be used for critically ill patients who are using feeding tubes. According to the company, Omez can cut the gastric acidity in the stomach by 78% within the first 30 minutes of ingestion. Dr. Reddy's said the U.S. Food and Drug Administration has approved the new powder. Shares of Reddy's traded up 3.5% to $15.57.

India's second-biggest bank,

Icici Bank

(IBN) - Get ICICI Bank Ltd. Report

, announced it's comfortable with the bank's liquidity position despite a challenging monetary environment. "Credit offtake is not matching liquidity inflows, to me that is a key signal of whether rates will go up or not," said CEO K.V. Kamath. Shares of Icici finished essentially flat at $40.91.

Some hot movers among Indian stocks Thursday were

TheStreet Recommends

Sify Technologies

(SIFY) - Get Sify Technologies Ltd. Report

, which soared 7.6% to $5.20;

Cognizant Technology

(CTSH) - Get Cognizant Technology Solutions Corporation Class A Report

, which climbed 3% to $31; and


(HDB) - Get HDFC Bank Ltd. Report

, which closed up 2.1% at $100.89.

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 fell Thursday after China's economic planning department said speculation that it would eliminate price caps on Chinese oil refiners was false. Shares in Hong Kong were also pressured lower after government data showed inflation rose in April due to rising food and fuel costs. Consumer prices jumped to 5.4% from last year, after a 4.2% climb in March.

"Inflation rate could hold its uptrend in the next few months as prices for food stuff, rentals and fuel costs are likely to continue to rise," said Paul Tang, chief economist at Bank of East Asia.

The Shanghai Composite Index dropped 58.56 points, or 1.7%, to 3,485.63, and Hong Kong's Hang Seng Index plunged 417.17 points, or 1.6%, to 25,043.12. Here's a look at how some China-based American depositary shares traded in the U.S. Thursday.

Chinese solar company

Suntech Power


announced its first-quarter revenue soared 76% to $434.5 million, vs. Wall Street estimates of $378 million. Suntech said first-quarter net income jumped to $55.8 million, or 33 cents per American depositary share, vs. $50.6 million, or 29 cents a share, for the same period a year ago. Looking forward, the company expects second-quarter revenue to come in between $430 million and $440 million, vs. Wall Street estimates of $426.6 million. It expects full-year 2008 revenue to be in the range of $1.9 billion to $2.1 billion, vs. Wall Street estimates of $1.98 billion.

American depositary shares of Suntech Power, which trade on the


, fell 2.8% to $44.95 on 3 times the stock's average daily trading volume.

Elsewhere in the solar complex, Goldman Sachs Group downgraded

Solarfun Power Holdings

( SOLF) from neutral to sell but raised its price target from $17 to $20. In a note to clients, analyst Cheryl Tang said the stock's premium valuation is now unwarranted and she expects to see rising downward pressure on the bottom line, due to current pricing trends for wafers. Despite the downgrade, Tang raised her earnings estimates for the years 2008 to 2010 by 28%, 21% and 25%. Shares of Solarfun plunged 22% to $20.65 on extremely heavy volume.

(NTES) - Get NetEase Inc. Report

, a leading Chinese Internet and online game service provider, reported its first-quarter profits fell 10% due to higher tax charges from a new income tax law. The company said first-quarter net earnings were $38.4 million, or 30 cents per American depositary share, vs. $43 million, or 32 cents per share, for the same period a year ago. Total revenue jumped 18% in the first quarter to $93 million, vs. Wall Street estimates of $82.3 million. Shares of NTES sold off sharply by 6% to $22.60.

The weakness in shares of spilled over into China's search engine giant

(BIDU) - Get Baidu Inc. Report

. Traders pressured shares of BIDU down by 5.6% to $335.


Yucheng Technologies

( YTEC), a information technology (IT) solutions and service provider, soared 17% after the company announced it inked a deal to provide point-of-sale merchant acquiring services to the Beijing Branch of China Construction Bank. Shares of YTEC rose $1.87 to $12.67 on 3 times the average daily volume.

Some big losers among China-based stocks Thursday were

Canadian Solar

(CSIQ) - Get Canadian Solar Inc. Report

, which plunged 13% to $37.90;

China Precision Steel


, which dropped 12% to $5.73;

Xinyuan Real Estate

(XIN) - Get Xinyuan Real Estate Co. Ltd. Report

, which dove 12% to $7.95; and

China Shenghuo Pharmaceutical

( KUN), which closed lower by 12% to $3.95.

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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