Stocks in India continued to slide lower Wednesday, off concerns over soaring food and fuel costs, skyrocketing inflation pressures, weak global cues and political uncertainty. Far East traders said the Indian equity markets are extremely nervous ahead of inflation data that is set to be released on Thursday.

"We are not seeing good volume and that shows there is no confidence in the market," said Amitabh Chakraborty, president of equities at Religare Securities.

The Bombay Stock Exchange's Sensex Index fell 100.39 points, or 0.79%, to 12,575.80. Here's a look at how some India-based American depositary shares traded in the U.S. on Wednesday.

According to Reuters, Sterlite Industries (SLT) an Indian non-ferrous metals and mining company, plans to raise around 70 billion rupees ($1.6 billion) through a syndicated loan for the company’s subsidiary, Sterlite Energy. Sterlite Energy plans to use the fresh capital to fund the building of 2,400 megawatt power plant in India’s eastern state of Orissa. American depositary shares of Sterlite, which trade on the NYSE, moved down 5 cents to $14.76.

Indian Internet company Rediff.com (REDF), which offers online news, shopping and entertainment websites, announced its flagship product Rediffmail will now include feeds functionality that work with popular social networking sites like Orkut and Facebook. The company said consumers will now have the option of receiving news feeds from social networking sites without having to visit them, helping them stay up-to-date with activities of their friends and family on the sites. Shares of Rediff.com soared 8.7% to $5.85.

India’s largest automaker Tata Motors (TTM), announced its breaking off its sales and distribution operations into a wholly owned subsidiary, as part of restricting move. The new company, TML Distribution, will be in charge of sales operations, logistics and distribution for both commercial and passenger vehicles to over 200 dealers across India. Shares of Tata Motors traded up 4.6% to $9.74.

Some big movers to the plus side among Indian ADRs Wednesday were ICICI Bank (IBN), which soared 8.6% to $26.53; Mahanagar Telephone Nigam (MTE), which traded up 7.6% to $4.67; Tata Communications (TCL), which shot up 6.2% to $18.66; and HDFC Bank (HDB), which added 6.3% to $70.53.

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 dropped Wednesday, marking the Shanghai Index the world’s worst performing stock market on the year, on concerns that China’s growth is slowing and the U.S. financial crisis could spread around the globe. Far East investors are worried that the problems at Fannie Mae (FNM) and Freddie Mac (FRE) could spill over into Asian banks that are rumored to have a large exposure to the U.S. real estate loan market.

"There’s just been a total collapse in confidence," said Fan Dizhao, an analyst at Guotai Asset Management.

The Shanghai Composite Index ended down 73.58 points, or 2.65%, to 2,705.87 and Hong Kong’s Hang Seng Index moved up 48.73 points, or 0.2%, to 21,223.50. Here's a look at how some China-based American depositary shares traded in the U.S. on Wednesday.

China’s leading multi-platform digital media company Focus Media (FMCN) announced its board of directors has approved a share repurchase program to spend up to $100 million to buy its issued and outstanding American depositary shares. The company said it plans to implement the buyback program over the next 12 months. American depository shares of Focus Media, which trade on the Nasdaq, soared 10% to $27.06.

Susquehanna reiterated its buy rating and $88 price target on Chinese Internet media company Sohu.com (SOHU) citing strong upside potential for the company’s online advertising and gaming segments. The firm thinks Sohu will report second-quarter revenues of $99.5 million, which would be 4% higher than Wall Street estimates of $95.9 million, and EPS of 71 cents, four cents better than estimates. Shares of Sohu surged 11% to $73.30.

Chinese alternative energy company Trina Solar (TSL) announced it expects to report second-quarter sales well ahead of Wall Street estimates, plus the company said its on track to meet or beat its 2008 net revenue targets. Trina said net revenues for the second-quarter should fall within the range of $200 million to $205 million vs. previous estimates of $169 million to $177 million, and it expects 2008 total net revenue to come in between the range of $770 million to $808 million. Shares of Trina Solar ripped higher by 12% to $33.35.

According to Xinhua, Sina (SINA), NetEase.com (NTES) and Tencent have been authorized by China Central Television (CCTV) to offer Internet-based real time streaming broadcasts of the August Beijing Olympics Games and provide video-on-demand services of the Olympic Games aired by CCTV.com. Shares of NetEase.com surged 8.2% to $20.94 and shares of Sina jumped 7.3% to $42.83.

Shi Yuzhu, the CEO of Giant Interactive Group (GA), a Chinese online gaming
operator, told Reuters Wednesday that Chinese online social networking site 51.complans to go public with an IPO listing on the Nasdaq in 2010. Giant Interactive holds a 25% stake in the site. Shares of Giant rose 2.7% to $11.39.

Some hot movers to the upside among Chinese ADRs and China-based stocks Wednesday were China Digital TV (STV), which exploded higher by 23% to $12.57; China Finance Online (JRJC), which soared 15% to $17.91; Yingli Green Energy (YGE), which added 14% to $17.55; and China Southern Airlines (ZNH), which ended up 12% to $21.17.

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.