Stocks in India soared Wednesday on speculation that the government will soon initiate positive economic reforms now that the Left party has dropped its support for the ruling UPA government. Traders said a sharp pull back in crude oil prices from record highs also boosted sentiment across the Far East.

“Two of the biggest worries for the market seem to be settling,” said Nikunj Doshi, investment manager at Envision Capital. “Oil is easing and political uncertainty is almost over.”

The Bombay Stock Exchange's Sensex Index soared 614.61 points, or 4.6%, to 13,964.26. Here's a look at how some India-based American depositary shares traded in the U.S. on Wednesday.

Credit Suisse upgraded Indian banking giant HDFC Bank (HDB) to outperform from neutral citing the company’s strong market share and secular growth in the Indian mortgage market. The firm thinks HDFC can achieve long growth of 20% to 25% despite sector headwinds. American depositary shares of HDFC Bank, which trade on the NYSE, moved down 1.6% to $73.36.

Elsewhere in the Indian banking sector, two ICICI Bank (IBN) executives said Wednesday that the Indian banking leader is looking to make acquisitions abroad as the banks foreign rivals continue to have problems caused by the global credit crunch. Sonjoy Chatterjee, the executive director for ICICI’s international business said the company has $5 billion in cash for international accusations that could include a consumer bank in Britain, Canada or Germany. Shares of ICICI Bank dropped 1.7% to $27.96.

According to the Economic Times, India-based information technology services company Patni Computer Systems (PTI) has let go nearly 400 employees as part of a routine appraisal exercise that occurs every year to eliminate the non-performing employees, and not because of any type of economic slowdown concerns. Shares of Patni slipped 1.5% to $11.20.

Indian information technology giant Infosys Systems (INFY) traded up 1.9% after a report surfaced from NDTV Profit that private equity firm ChrysCapital has spent around $500 million to acquire a 2.5% position in Infosys and a 4% position in HCL Tech in the open market during the last 3 months. Shares of Infosys tacked on 82 cents to $43.83.

Leading the gainers list among Indian ADRs Wednesday were Tata Motors (TTM), which rose 3.7% to $9.37; Wipro Limited (WIT), which jumped 2.2% to $11.80; and Sterlite Industries (SLT), which added 1.3% to $14.30.

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 Recap

Stocks in mainland China and Hong Kong rose sharply Wednesday after crude oil prices eased and speculation picked up that inflation data for June will come in below analyst’s expectations. Traders also credited the rally to rumors that China will change its tight monetary policy in an effort to aid the ailing real estate market.

“Investors were encouraged by expectations that data due to be released shortly will show lower inflation in June, which would ease pressure for an interest rate hike,” said Zhang Yang, a strategist for Oriental Securities.

The Shanghai Composite Index rose 105.60 points, or 3.75%, to 2,920.55 and Hong Kong’s Hang Seng Index surged 585 points, or 2.76%, to 21,805.81. Here's a look at how some China-based American depositary shares traded in the U.S. on Wednesday.

Piper Jaffray reiterated its buy call on Chinese alternative energy company ReneSola (SOL) but lowered its price target from $40 to $35. The firm said, “Based on recent discussions with the company management, we believe that we should see upside to our prior and consensus second-quarter estimates on modestly higher ASPs, continued yield improvements, and capacity expansion slightly ahead of plans.” Piper upped its second-quarter EPS from 33 cents to 37 cents and raised is 2008 EPS from $1.37 to $1.50 and 2009 EPS from $2.20 to $2.42. American depository shares of ReneSola, which trade on the NYSE, moved higher by 2% to $13.58.

Brean Murray started coverage on Sinovac Biotech (SVA),a fully integrated Chinese biopharmaceutical company that focuses on research, development, manufacturing and commercialization of vaccines that protect against human infectious diseases, with a buy rating and a $5 price target. The firm believes that Sinovac is well positioned to benefit from the growing Chinese vaccine market with its top selling hepatitis vaccine Healive. Shares of Sinovac rose 2.2% $3.22.

Piper Jaffray upgraded Gushan Environment Energy (GU), a Chinese biodiesel producer, from neutral to buy, added the stock to its Alpha List and upped its price target to $15 from $14. The firm believes that Gushan will report strong second-quarter earnings due to strength in the diesel market and control of feedstock costs. Shares of Gushan surged higher by 9.8% to $11.19.

American Oriental Bioengineering (AOB), announced its $115 million offering of convertible senior notes due in 2015 has been priced and sold in a private placement. The company said it plans to use the capital raised to buy back $30 million of its common stock and use the rest for general corporate purposes. Shares of American Oriental shot up 5.9% to $8.56.

In a note to clients Wednesday, Goldman Sachs analyst James Mitchell said Focus Media (FMCN) a Chinese advertising network operator, is not going to be hurt by a rule that only Olympics sponsors can advertise on outdoor ads during the games. Mitchell spoke with Focus management and confirmed that the rule will only apply for a few TV screens in its Beijing network, which are immaterial to its sales and profits. Mitchell currently has a buy rating on the stock with a $58 price target. Shares of Focus Media dove 4% to $24.58.

Be sure to check out the Far East Portfolio at Stockpickr.comevery night to find out which stocks in India and China are making big moves and announcing major news.