Updated from 5:08 p.m. EDTStocks in India followed global market trends Thursday, with the Sensitive Index plunging 770.63 points, or 4.8%, to 15,357.35. Heavy selling pressure hit the Indian markets for the entire trading session as investors fear the global credit crisis was worsened by the U.S. Federal Reserve's decision to pump $200 billion into the system. J.P. Morgan also contributed to the battered investor sentiment, cutting the growth outlook for India to 7% for the current fiscal year from 7.5%. "The market's appetite for absorbing bad news is very limited. There is more bad news flowing in from global markets than from the domestic environment," said Sanjay Sinha, chief investment officer at SBI Funds Management in Mumbai. Indian banking giant Icici Bank ( IBN) received some good news Thursday, after Moody's Investor Service said it would not be changing its rating the bank. Moody's said it sees no impact from Icici's mark-to-market writedown of its credit derivates and fixed-income investment portfolios. ADR shares of Icici Bank fell 1.8% to $42.24. Indian technology ADRs were one of the few bright spots for the region, with Satyam Computer ( SAY) trading up 3.9% to $22.41; Rediff.com ( REDF), rising 3.4% to $7.25; and Sify Technologies ( SIFY) finishing up 0.7% to $4.20. Indian auto maker Tata Motors ( TTM) is looking for engine price guarantees from Ford Motor ( F) if the proposed purchase of luxury car brands Jaguar and Land Rover gets completed, according to The Detroit News. ADR shares of Tata Motors fell 1.3% to $15.78. 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.
The group saw strong gains, with LDK Solar advancing 23.7% to $25.28, Trina Solar ( TSL) rising 14% to $31.76, Yingli Green Energy ( YGE), trading up by 12% to $16.75, and Solarfun Power Holdings ( SOLF) finishing up 8.5% to $10.49. In the Chinese pharmaceutical sector, WuXi PharmaTech ( WX) announced its fourth-quarter profits more than tripled on strong revenue out of its lab and research and manufacturing divisions. WuXi PharmaTech said revenue for the quarter exploded 62% and laboratory services revenue rose 33%. The company forecasted 2008 revenue to come in between $280 million and $300 million, vs. Wall Street estimates of $237.1 million. ADR shares of WuXi ripped 9.5% higher to $21.16. A report out of Reuters said that Chinese utility company Huaneng Power International ( HNP) is in the lead to buy electricity generator Tuas Power, a division of Temasek Holdings, for $3.04 billion. ADR shares of Huaneng Power closed down 1.7% at $27.40. Leading the losers among Chinese ADRs Thursday were China Digital TV ( STV), down 10.8% to $18.97; Home Inns & Hotels Management ( HMIN), falling 9.3% to $19.20; and China Southern Airlines ( ZNH) losing 5.9% to $41.08. 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.