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 announced it has inked a new partnership with Germany-based business software solutions provider SAP AG ( SAP), 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. Elsewhere in the Indian IT sector, Infosys Technologies ( INFY) announced it has also joined the SAP global service partner program in order to strengthen its capabilities to delver enhanced value to its customers. Infosys plans to set up a solution center in Bangalore to ensure that Infosys' SAP professionals continue to support customers with the next generation of SAP solutions. Shares of INFY fell 1.2% to $44.36. Indian ADRs fell across the board Monday with the biggest declines seen in Tata Communications , which lost 5% to $24.20; Patni Computer Systems ( PTI - Get Report), which fell 4.5% to $12.91; and Mahanagar Telephone Nigam ( MTE), which closed down by 2.6% to $5.61. 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.
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