ADRs in Focus: Infosys Technologies Climbs

The stock rose $2, or 4.5 percent, to $46.89 in afternoon trading.

Goldman's Julio C. Quinteros Jr., who met recently with Chief Executive Kris Gopalakrishnan, said demand appears mostly unchanged from when Infosys forecast higher-than-expected revenue growth in the fiscal year that began in April.

"While the overall business momentum has slowed versus last year, management stated that visibility remains similar to previous years and new projects continue to come in," Quinteros wrote in a client note.

The Bank of New York Asia ADR Index--which includes shares of companies based in India, China, Japan and more--rose 1.60 points to 155.93. The index has declined about 6.5 percent so far this year. ADRs are securities designed to allow U.S. investors to trade shares of companies based overseas.

In the U.S., Wall Street moved higher on a 1 percent rise in May retail sales, the Commerce Department said, and a buyout offer for Anheuser-Busch Cos. A management shake-up at Lehman Brothers Holdings Inc. highlighted more woes in the financial sector, however.

Overseas, Japan's Nikkei 225 average closed 2.08 percent higher.