Stocks in India mounting a small recovery on Wednesday despite a decision by the Reserve Bank of India to hike the repo rate by 50 basis points to 8.5% and also raise the cash-reserve ratio by 50 basis points to 8.75%. Traders said the bounce seen in the market was mainly due to short covering. "If inflation indicators don't start to come down in the next two or three months, the RBI has more tricks up its sleeve,'' said Jyoti Narasimhan, research director for India at Global Insight. "This is more of a first step than a last step." The Bombay Stock Exchange's Sensex Index closed up 113.49 points, or 0.80%, to 14,220.07. Here's a look at how some India-based American depositary shares traded in the U.S. on Wednesday. Rediff.com ( REDF) India's leading online portal, announced it has made an investment in India-based startup company Varkow.com. Varkow.com is an SMS content sharing social network that allows users to post their SMS messages on its website and share them with their friends on mobile devices, email and on other social networking sites for free. Financial details of the investment weren't disclosed. American depositary shares of Rediff.com, which trade on the Nasdaq, rose 2.4% to $6.75. An analyst at Indian-based brokerage firm Motilal Oswal said there is a possibility that Indian information technology giant Infosys Technologies ( INFY - Get Report) could lose a big contract with Zurich-based financial service giant UBS AG ( UBS), if rumors of a $80 billion takeover offer from London-based banking and financial services company HSBC Holdings PLC ( HBC) come to fruition. The analyst said that HSBC could use its own IT vendor and that could mean UBS's IT account would transfer to HSBC's vendor. The current account that Infosys holds with UBS is valued around $100 million to $150 million. Shares of Infosys moved higher by 1% to $44.32. Elsewhere in the Indian technology complex, Syntel ( SYNT), surged 5.3% to $36.23; Sify Technologies ( SIFY - Get Report), added 2.9% to $3.88; Wipro ( WIT), tacked on 2.2% to $12.65; and WNS Holdings ( WNS), finished higher by 1.6% to $17.45. ICICI Bank ( IBN), India's largest private sector bank, announced it would not raise interest rates despite the pressure to do so following the Reserve Bank of India's (RBI) decision to hike the repo rate by 50 basis points. "We have not taken any decision. We would continue to look at it on daily basis. Our liquidity situation is comfortable. Therefore, we would not take steps in panic," said ICICI Bank's Joint Managing Director, Chanda Kochhar. Shares of ICICI Bank traded up 2.5% to $32.67. 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.