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.

China Recap

Stocks in China traded mixed Monday with mainland shares rising after the Economic Observer newspaper reported that China Securities Regulatory Commission (CSRC) chief Shang Fulin had pressured institutional money managers during a private meeting to help stabilize the market. Government officials at the CSRC also said that their own research showed pressure on the stock market wasn't strong from the expiration of share lock-up periods.

"These are very clear signals that the government doesn't want the market to go down further, especially when the Olympic Games are nearing," said Wu Binghua, a strategist at Debon Securities.

Shares in Hong Kong fell on profit-taking as investors booked gains ahead of leading Internet company Alibaba.com's first-quarter earnings report set for Tuesday. Dealers said the market is consolidating after a 15% run and the Hang Seng has heavy resistance around the 26,800 to 27,000 area.

The Shanghai Composite Index rose 67 points, or 1.8%, to 3,761, and Hong Kong's Hang Seng Index closed down 57 points, or 0.2%, at 26,183.

Shares of Hong Kong-based casino operator, Melco PBL Entertainment ( MPEL), ripped 7% higher Monday after the company was mentioned positively in this weekend's edition of Barron's. Barron's said the stock could double in a few years for a variety of reasons, such as the company's plans to expand its reach into South Korea and the Philippines and for its launch of a new casino, City of Dreams, which will open in 2009. American depositary shares of MPEL closed higher by 87 cents at $14.30 on twice the average daily trading volume.

According to a report from the People's Daily, Chinese Internet company Sohu.com ( SOHU - Get Report) and Google ( GOOG - Get Report) are revealing confidential Chinese locations through their online mapping services. Eight Chinese ministries including the Ministry of Industry and Information (MII) and the Ministry of Foreign Affairs will be investigating online mapping services from April until the end of the year. Shares of SOHU fell 2.1% to $76.

CNinsure ( CISG), a leading Chinese independent insurance agency and brokerage company, announced it has signed a definitive agreement to acquire a 60% equity stake in Guangxi Xingfu Insurance Agency. The deal will help CNinsure expand into Guangxi, the 13th province of China. Shares of CISG surged 10% to $16.11.

Chinese in-vehicle digital advertising operator VisionChina Media ( VISN) surged 6.5% higher after the company received a positive mention in an article that appeared on Investor's Business Daily's Web site Friday evening. The article said that VisonChina will benefit from people watching real-time Olympic Games coverage on its screens in buses and subways. Shares of VISN jumped $1.05 to $17 on five times average daily volume.

Giant Interactive Group ( GA), a Chinese online gaming company, jumped 9.3% after the company reported that peak concurrent users for its new military online game, Giant Online, hit 344,005 on Saturday. Shares of Giant closed up $1.46 at $17.15 on twice the average daily volume.

Leading the winners list among Chinese ADRs Monday were, China Digital TV ( STV), which rose 17% to $19.99; Acorn International ( ATV), which added 8.9% higher to $7.79; and ReneSola ( SOL), which ended up by 8.3% to $17.28.

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.

For more on Asia, check out Daniel Harrison's coverage at TheStreet.com.

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