Indian stocks gave up gains in late trading Monday as selling pressure picked up to push stocks into negative territory. Dealers in the region said that market participants are digesting profits after a large run during the last few weeks. Traders expressed concerns that the Indian government might initiate new regulations in the commodities markets.
India's Finance Minister Palaniappan Chidambaram said that some food futures trading may need to be suspended to fight off soaring food prices that are causing a rise in inflation. "A ban on futures will not have an impact on prices beyond a week," said Sharad Joshi, an Indian lawmaker.
The Bombay Stock Exchange's Sensex Index lost 109 points, or 0.6%, to 17,490.
In the Indian information technology sector, Satyam Computer Services (SAY Quote) announced it has inked a new partnership with Germany-based business software solutions provider SAP AG (SAP Quote), to help businesses drive innovation and increase their return on investment. Under the terms of the deal, Satyam will become a SAP global services partner to help fortune 1000 companies implement SAP solutions and business processes. American depositary shares of Satyam finished down 1% at $26.91. ...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,471.50 | 1,106.41 | 2,190.31 | 35.40 |
Oil *
71.77
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UP
65.67
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UP
4.06
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DOWN
0.55
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UP
0.58
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10 Yr
3.54%
SPDR Gold
109.32
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+0.63%
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+0.37%
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-0.03%
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+1.67%
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