Update from 5:53 p.m. EDTIndian stocks broke a six-day winning streak Wednesday as investors in the Far East sold off financial and capital goods stocks. Dealers said market players locked in profits and cleared their position books ahead of the monthly expiration of futures contracts, which ends on the last Thursday of every month. The Bombay Stock Exchange's benchmark 30-stock Sensex Index fell 86 points, or 0.5%, to 16,698 points. Indian communications provider Tata Communications announced it has launched a suite of security services designed to protect applications, IT systems and networks that power its customers' business infrastructures. The cost-effective security solutions will focus on premise and managed services along with professional services, which will enable Tata Communications to provide its customers with security solutions on a global scale. American depositary shares of Tata Communications traded up 1.4% to $23. India's largest private sector lender Icici Bank ( IBN) said it will not give out promotions or pay large bonus payouts to employees this year, according to the financialexpress.com. The bank said the decision had nothing to do with subprime issues, but had more to do with a slowing global economy. "We are reading the economy and the mood is obviously not as bullish as a year or two ago. So, we have decided to be cost-prudent by holding back the annual promotions and scaling down the bonuses for this year," said head of human resources K Ram Kumar. Shares of Icici dropped 1.1% to $43. Leading the gainers list among Indian ADRs Wednesday were, Wipro Limited ( WIT), which rose 3.8% to $12.27; Patni Computer Systems ( PTI), which added 3.1% to $12.94; Tata Motors ( TTM), which traded up 2.6% to $16.03; and Dr. Reddy's Laboratories ( RDY), which finished 2.4% higher at $15.68. 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.
China's leading life insurance company China Life Insurance ( LFC) announced it will be introducing its first investment-linked insurance policy pegged to the domestic capital market. The new policy will focus on investing in Chinese blue-chip stocks, especially financial stocks and new offerings. Shares of China Life surged higher by 10% to $63.92 on over 3 times the average daily volume. Yucheng Technologies a leading provider of IT solutions and services to China's banking sector, announced it has inked an agreement with the Beijing Branch of the Bank of Communications to provide outsourced point-of-sale merchant-acquiring services that will target merchants for credit and debit card processing services. Shares of Yucheng finished higher by 1.6% at $15.63. Some big winners among Chinese ADRs Wednesday were China Finance Online ( JRJC), which rose 16% to $17.29; Huaneng Power International ( HNP), which surged higher by 15% to $30.25; Aluminum Corp. of China ( ACH), which advanced by 11.3% to $43.75; and China Southern Airlines ( ZNH), which traded up 11% to $33.50. 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.