Investors booked profits in Indian stocks Tuesday as the downtrend resumed Tuesday following Monday's break from the selling streak. Traders said money managers were dumping stocks in the oil and gas sectors on concerns the Indian government won't compensate energy companies for selling fuel below cost.

"Markets are likely to witness some downside as inflation and rising crude prices are major concerns. The depreciating rupee too is adding fuel to the fire," said Anita Gandhi, head of institutional business at Arihant Capital Services.

The Bombay Stock Exchange's Sensex Index slipped 108 points, or 0.6%, to 16,752.

India was the unfortunate victim of a terrorist attack Tuesday. At least 60 people were killed and 200 injured after seven bomb blasts ripped through the city of Jaipur. Early reports said the bombs had been placed on bicycles and set to go off within minutes of each other. "The blasts were carried out by terrorists with foreign links," said Junior Home Minister Sriprakash Jaiswal.

China Watch: Game Plan for Earthquakes, Inflation

Indian automaker Tata Motors ( TTM) might be forced to delay its Nano car project after India's Supreme Court said it will examine why fertile multi-crop agriculture land in Singur, West Bengal, was acquired by the company for the project. The Supreme Court asked Tata Motors, the West Bengal Industrial Development and the West Bengal government to file replies on the petitions filed by some farmers whose fertile land had been forcibly acquired by the government. Tata Motors said any delays in the project would force the company to raise the price of the proposed ultra-cheap car. American depositary shares of Tata Motors, which trade on the NYSE, closed essentially flat at $16.

Indian information technology leader Satyam Computer ( SAY) announced it has inked a partnership with aftermarket service and support technology company Enigma to improve service in the aviation, automotive and heavy equipment industries.

Satyam Computer also announced it has developed a new solution that will reduce plant shutdown time for process manufacturing companies which normally take annual or semi-annual plant maintenance shutdown. The company said the solution is based on the Theory of Constraints (TOC), developed by Israeli physicist Eliyahu Goldratt. Shares of Satyam closed down 1% at $26.12.

Global 360, a leading provider of business process management (BPM) and optimization solutions, announced it has formed a strategic partnership with Patni Computer ( PTI), an Indian information technology service provider. The partnership will allow Patni to offer a customizable solution framework for the development of insurance business applications with Global 360's BPM suite. Shares of Patni fell 1.4% to $12.71.

Leading the decliners list among Indian ADRs Tuesday were WNS ( WNS), which fell 4.5% to $17.85; Mahanagar Telephone Nigam ( MTE), which dropped 2.8% to $4.85; and Sify Technologies ( SIFY), which lost 1.4% to $4.86.

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 Hong Kong surged Tuesday as traders speculated the Chinese government will avoid raising interest rates, due to the major earthquake that hit the region yesterday.

"The market believes that after the earthquake China won't be implementing additional credit tightening measures. This prompted investors to chase mainland stocks and banks," said Peter Lai, investment manager at DBS Vickers.

Shares in mainland China weren't able to escape selling pressure as investors feared Monday's earthquake would cause food prices to rise as supply disruptions are likely.

The Shanghai Composite Index fell 67 points, or 1.8%, to 3,560, and Hong Kong's Hang Seng Index surged 490 points, or 2%, to 25,552.

Shares of Canada-based solar energy company Canadian Solar ( CSIQ - Get Report) soared 19% after the company beat first-quarter profit and revenue estimates, due to strong demand in Europe, China and Canada. The company reported first-quarter net income of $19 million, vs. $3.9 million a year ago and net revenue of $171.2 million, vs. Wall Street estimates for $151.9 million. The company said second-quarter revenue will come in between the range of $185 million to $190 million, well ahead of Street expectations of $167.6 million.

Following the strong results, Lazard Capital Markets analyst Sanjay Shrestha raised the price target on CSIQ to $50. Shares of CSIQ jumped $6.68 to $40.78 on extremely heavy volume.

The Chinese solar sector caught fire Tuesday off the strong results from Canadian Solar. The top of the ADR list was made up of names like ReneSola ( SOL - Get Report), which surged 15% to $21.67; China Sunergy ( CSUN), which jumped 8.8% to $10.82; Solarfun Power Holdings ( SOLF), which soared 8.3% to $16.19; Yingli Green Energy ( YGE), which added 7.7% to $24.34; and Suntech Power ( STP), which closed higher by 7.2% to $44.79.

Also in the Chinese solar sector, LDK Solar ( LDK) said first-quarter revenues surged 21% due to strong demand for the company's solar wafers. Revenues jumped to $233.4 million, vs. $73.4 million from a year earlier and first-quarter net income surged to $49.8 million, vs. $21.6 million from a year ago. The company said second-quarter sales will come in between the range of $278 million to $288 million, vs. estimates of $247 million and second-quarter revenues will be between $1.08 billion to $1.18 billion, vs. estimates of $1.07 billion. Shares of LDK traded down 4% to $35.94 on twice the average daily volume.

Xinyuan Real Estate ( XIN), a leading Chinese real estate developer, announced that there was no damage at the site of its two development projects in Chengdu and Sichuan as a result of the earthquake that hit the area on Monday. Shares of Xinyuan fell 1% to $8.40.

Chinese manufacturer of rechargeable lithium-based batter cells China BAK Battery ( CBAK) reported record net revenue for the second quarter, due to strong demand for the company's cylindrical cells which are used in laptop computers. Net revenue soared 73.8% to $51.3 million, vs. $29.5 million from a year earlier. Shares of CBAK closed essentially flat at $3.65.

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 at

Stockpickr is a wholly owned subsidiary of