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Updated from 5:41 p.m. EDT

Indian stocks finished flat Wednesday following weak global cues and record crude oil prices. The Bombay Stock Exchange's Sensex Index fell 34 points, or 0.2%, to 17,339.31

Indian government official have written to the futures exchanges and asked them to ban trading in soybean oil and three other commodities, in an attempt to tame inflation. Trading in rubber, potatoes and gram will also be suspended, according to



Shares of

Cognizant Technology Solutions

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

, an information technology service provider, dove 10.4% after the company forecasted second-quarter profits below Wall Street estimates. First-quarter profits jumped 35% to 38 cents a share, vs. estimates of 33 cents a share, but the company said second-quarter profits will be in the range of 35 cents to 35 cents a share, vs. estimates of 36 cents a share. Total revenue rose 40% to $643.1 million, vs. estimates of $642.9 million, and the company forecasted revenue of roughly $680 million vs. estimates of $707.3 million.

Citigroup analyst Ashwin Shirvaikar removed Cognizant from his global tech conviction list, but kept his buying rating on the shares. Shares of Cognizant dropped $3.54 to $30.21.

The weaker-than-expected forecast from Cognizant inspired traders to sell off the broader Indian technology sector.

Satyam Computer

( SAY) dove 6.3% to $25.54;


(WIT) - Get Wipro Ltd. Report

lost 5.8% to $12.87;

TheStreet Recommends

Infosys Technologies

(INFY) - Get Infosys Ltd. Report

shed 5.5% to $43.24;


(SYNT) - Get Syntel, incorporated Report

declined 5.5% to $31.46; and


(WNS) - Get WNS (Holdings) Ltd. Report

traded down 2.8% to $17.89.

According to an official in the Department of Telecom, the Indian government is considering selling its 26% stake in

Tata Communications

( TCL). American depsoitary shares of TCL, which trade on the


, fell 4.2% to $23.84.

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

Chinese stocks fell sharply Wednesday amid concerns that the People's Bank of China will raise interest rates next week. Dealers said the Asian markets lack a major catalyst to take shares higher after the recent big runs. The perception among traders is that the upside is capped in the near term, so they will continue to book profits.

"We've kind of run out of steam," said Andrew Clarke, a sales trader with Societe Generale in Hong Kong.

The Shanghai Composite Index lost 154.36 points, or 4.1%, to 3,579.15, and Hong Kong's Hang Seng Index fell 651.92 points, or 2.5%, to 25,610.21.

Piper Jaffray analyst Aaron Kessler downgraded Chinese travel service provider International

(CTRP) - Get International Ltd Sponsored ADR Report

from buy to neutral with a $68 price target, citing valuation. Kessler said he expects the company to barely beat estimates when it reports first-quarter earnings May 14. American depositary shares of, which trade on the


, traded down 4% to $64.12.

Suntech Power


, a Chinese alternative energy company, announced it has inked a deal with

Hanau Energies SAS

to supply a 4.5MW building integrated PV systems (BIPV) to a farm located in Alsace, France. The project will be one of the largest BIPV solar systems ever built and will use Suntech's "Just Roof" modules. Shares of Suntech lost 1.3% to $43.69.

Shenzhen-based provider of interactive education content

Noah Education


announced that its chief financial officer Trevor Choi will be leaving the company for personal reasons, effective May 31. Dora Li, Noah's financial controller, will take over as CFO during the interim. Shares of Noah slipped 6.9% to $6.33.

Nippon Oil

, Japan's largest refiner, announced it has agreed to a joint refining venture with China's


(PTR) - Get PetroChina Co. Ltd. Report

. Under the terms of the deal, Nippon Oil will run the Osaka plant and PetroChina will manage the purchase of crude oil and sales of refined products. Shares of PetroChina dropped 7% to $145.

Among Chinese ADR losers Wednesday were

China Eastern Airlines

(CEA) - Get China Eastern Airlines Corp. Ltd. Report

, which fell 10% to $44.16;

(SOHU) - Get Ltd. Report

, which lost 10% to $71.52;

China Finance Online

(JRJC) - Get China Finance Online Co. Ltd. Report

, which dropped 9.8% to $21.50; and

Canadian Solar

(CSIQ) - Get Canadian Solar Inc. Report

, which traded down 9.7% to $28.29.

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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